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Business Fraud

Last year business fraud over $100,000 hit the courts more than 61 times, totalling more than $131 million.

There are a few ways to minimise the potential of business fraud happening.

–       Start at the recruitment phase. Look for employment gaps in the potential employees history, do an internet search to see whether someone left under improper circumstances.

–       Notice different or anti-social behaviour of employees. Also look for circumstances changing, such as their partner losing their job or an illness in the family. These things happen to everyone, but it can cause a lot of stress and anxiety and may cause them to find risky solutions to their problems.

–       Check on the accounting systems in place. Avoid having all the business asset eggs in one basket. Separate responsibilities for those who record and those who have power to confirm any changes.

– Regularly review bank reconciliations to check for a growing discrepancy between accounting records and actual cash and be aware of who can authorise payments and change accounting records.

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News

Understanding various kinds of super fees

February 16, 2018

No matter the kind of superfund you opt for, you will be subject to super fees. Understanding how these fees work and the difference they can make to your next egg is vital.

When it comes to superfund fees, there are two factors you need to get your head around; the kinds of fees you are being charged and the rate of fees you pay. Opting for a superfund based on these two factors can see you retire with hundreds of thousands more money.

You should be aware of the various types of fees you are being charged. If you would like to find out the fees you are being charged, you should do two things. Firstly, Google your fund’s product disclosure statement and scroll through to the fees section. You should see a list of different types of fees, with an explanation of what they are, how they are applied, and how often they will be incurred. Secondly, you should log in to your superfund account and take note of all the fees being charged to you. Investigate how closely these correspond and correlate with the product disclosure statement.

If you feel there are discrepancies, do not hesitate to contact your superfund or financial advisor and ask for clarification. It is worthwhile doing your research and comparing the fees you are being charged against other super funds and what they charge. Being complacent and not paying attention to your super is extremely irresponsible; the dividends you will receive later in life for being diligent now outweighs the burden of taking time to be informed today.

Some of the common super fees across the board include:

Another major factor contributing to how much you accumulate in your super account throughout your working life is the rate of fees you pay. Plain and simple, some funds offer much lower fees than other, creating a difference of hundreds of thousands of dollars when it comes time to retire.

Generally, funds are categorised into three groups; low super fees, medium super fees and high super fees. Ultimately, you want to be in a fund that charges low super fees. In saying this, it’s not only about super fees, as some funds have medium-high super fees but also perform better based on investment strategy, meaning you will get more back from your investments.