Good cyber security is closer and easier than you think. Here are 4 easy steps you can take right now that can help make your business security stronger. 1. Get your passwords in shape How? You can use a Password Manager to set and save passwords. Also consider switching from passwords to passphrases, which are…
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Small businesses have replaced COVID-19 stimulus and support programs with non-bank funding to help them ride out the economic downturn. According to the latest round of ScotPac’s biannual SMW Growth report, around one in five SMEs plan to divest or merge operations and a quarter added non-bank funding facilities in 2022 — more than double…
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Check or report an ATO impersonation scam and get to know some warning signs of phone, email and SMS tax scams. Verify a scam Scams trick you into paying money or giving out your personal information. Scammers often pretend to be from trusted organisations like the ATO. We will sometimes contact you by phone, email,…
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You may have received a business support grant recently to help your business through tough times. Remember, when it comes to tax time, it’s important to check if you need to include the payment in your assessable income. Grants are generally treated as assessable income. However, some grants are formally declared non-assessable non-exempt (NANE) income.…
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When running your self-managed super fund (SMSF) it’s important to know that accessing your super can be illegal at times. You should also be wary of people, known as ‘promoters’ who want to help you set up an SMSF for the purpose of illegally accessing your super. As a trustee of a SMSF it is…
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You’re ready to take the leap and start a business. Congratulations! Making that decision might feel risky, but it’s a good thing. In fact, 74% of small and medium business owners are willing to take big risks to ensure they succeed. “Fortune,” as the saying goes, “favours the bold.” Still, you should also consider ……
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What events self-managed super funds (SMSFs) must report by certain dates and what happens if reporting is late. Events you need to report An SMSF must report events that affect a member’s transfer balance account. Common events are: Where the death benefit income stream is paid to a reversionary beneficiary, the start date will be…
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There are some extra things you need to do if your business has employees (even if they are family). TFN declaration On the first day a worker starts working for you, you should ask them to complete a Tax file number declaration (NAT 3092). They don’t have to tell you their TFN, but if they don’t, you…
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Cybercriminals are targeting small businesses with business email compromise scams. They send fraudulent emails posing as a legitimate business contact or staff member. They typically request a change in bank account details for a deposit, wages or invoice payment. Victims then unknowingly send money to the cybercriminal. These fraudulent emails may come from hacked email…
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The Commonwealth penalty unit amount will increase to $275 from 1 January 2023 for infringements on or after that date. Failure to meet a tax obligation, like not lodging on time, may result in a penalty being applied. We understand there may be occasions when businesses experience financial difficulties and can’t pay on time. Even if you can’t…
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