Likes and Loopholes: The Problem with Social Media Tax Tips
In recent years, TikTok and other social media platforms have become unlikely hubs for “financial advice.” With a swipe and a smile, creators promise tax hacks, loopholes, and secret strategies to help you keep more of your hard-earned cash. The problem? Most of it is either half-true, wildly out of context, or just spruiking a risky venture.
Accounting is not a dance trend. It’s nuanced, governed by legislation, and influenced by your unique business structure, income sources, and goals. What works for someone running an online store in Brisbane is not going to apply to a freelance designer in Melbourne. Yet, we see small business owners putting faith in 30-second clips, as if tax law can be condensed into a viral soundbite.
And here’s the kicker: two businesses that look almost identical on the surface can still have vastly different financial strategies. Even the smallest differences—how income is received, what’s expensed, or the way ownership is structured—can completely change what rules apply. Tax law isn’t a one-size-fits-all garment; it’s more like a bespoke suit, cut to fit the fine details.
We’ve even seen accountants jump on the TikTok bandwagon, dishing out hot takes on everything from buying cars through your business to the latest obsession with debt recycling. Complex tax topics are being sliced into bite-sized clips, served with absolute certainty, as though pages of legislation can be distilled into a 30-second soundbite. The reality? These strategies are layered, nuanced, and only effective (or even appropriate) when tailored to your specific circumstances.
The danger isn’t just misinformation—it’s missed opportunities and costly mistakes. Claiming deductions you’re not entitled to, structuring your business incorrectly, or following “on-trend” rules can create headaches that no filter can fix.
By all means, enjoy TikTok for recipes, memes, or the occasional cute dog video. But when it comes to your business finances, trust your accountant. They’ve spent years studying legislation and strategies, and their job is to keep your best interests front of mind. A professional who knows your circumstances—and has read more than a caption—will always give you advice that’s relevant, reliable, and compliant. The key is to keep your accountant in the loop: update them regularly on your business, goals, and changing circumstances. You never know where better opportunities may lie until you share the full picture.