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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

Reviewing your super

July 19, 2018

The ATO is encouraging taxpayers to review their super this tax time.

Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg.

There is over $18 billion in lost and unclaimed super. Those who have changed their name, address, job or lived overseas are at high risk of having lost super.

During the last five years, more than $10.7 billion of super has been consolidated from over 2.1 million accounts through ATO online services.

The ATO is also reminding taxpayers that the new super deduction is available. Most people under 75 years of age can claim a tax deduction for personal after-tax super contributions.

Personal super contributions deductions provide a level of flexibility for young people that change jobs frequently, self-employed contractors, small business employees, freelancers and people whose employers do not offer salary sacrifice arrangements.

To claim a deduction for any personal super contributions made in 2017/18, you must lodge a notice of intent to claim a deduction with your fund and receive a confirmation letter from them before lodging your tax return.