Social Media Finfluencers on the rise

As seen in Woopi News August 2025

With the prevalent use of social media for advertising, influencers are appearing everywhere, including in the realm of tax and financial advice. The Tax Practitioners Board (TPB) warns that the number of ‘finfluencers’ is on the rise and that taxpayers should be wary.

‘Finfluencers’ are influencers who offer tax or financial advice on social media platforms such as Facebook, TikTok and Instagram. While they may be full of what seem like great suggestions and recommendations, they are not always qualified to give out this advice. The information they provide may not be suited to your specific circumstances. They may not provide accurate information, or all information necessary to make an informed decision. It is also important to consider if the content is referring to rules, rates and thresholds that apply here in Australia, as some finfluencers on social media are referring to rules that may apply in other countries, that are not relevant to Australian taxpayers.

The main source of a ‘finfluencers’ income comes from getting paid by companies to promote their financial products on social media platforms. The products they promote may not be suitable for the consumer, and as ‘finfluencers’ may not be qualified, they may not understand the full implications of their recommendations and the risks of promoting them.

Tax advice should come from a tax practitioners registered with the TPB. Likewise, financial advice should be tailored to your specific circumstances by a licensed financial adviser and formally presented in a statement of advice, outlining all information needed to make an informed decision. Licensed professionals in Australia are required to hold professional indemnity insurance as a consumer protection device.

Important tips for taxpayers:

• Remember the saying, if something seems too good to be true, it probably is.
• Beware of anyone offering ‘free expert’ advice.
• Beware of websites that maybe trying to obtain information such as Tax File Numbers (TFN), identity document or MyGov login details.
• If you need tax or financial advice talk to a registered tax practitioner or licenced financial adviser about your specific circumstances, don’t solely rely on something you heard on social media.