Tag Archives: Small Business

Look Out for These Business Changes in 2020

There are lots of changes happening this year, including new regulations, state elections, and overseas events like Brexit. It would be best if you kept an eye out for these changes, as they could have an impact on employers and business owners in 2020.

  • The Single Touch Payroll (STP) 12-month penalty waiver will finish at the end of this current financial year. This means that from 1 July 2020, penalties will be applied if companies fail to comply with the new digital reporting system. Small businesses face up to $1050, $2100 for medium businesses and $5250 for large companies. Make sure you have your lodgements in on time!
  • A new law came into effect from 1 January 2020! Employers are now banned from using any salary sacrificed contributions towards meeting their superannuation guarantee obligations, regardless of the amount employees elect to salary sacrifice. Employers are required to pay 9.5% of the employee’s ordinary time earnings (OTE) base, the amount before any salary sacrifices are made.
  • The Paid Parental Leave Act was amended on 1 January. The work test has been changed to allow more women to qualify. The government have extended the break between working days from eight to 12 weeks and now allow women to move their work test period if they stop work due to a workplace hazard.
  • From 1 January 2020, eligible employees with multiple employers can apply to opt-out of receiving super guarantee from some of their employees. This will help individuals to avoid unintentionally going over the concessional contributions cap.
  • Keep an eye out for the federal budget out in early May. The government is facing increased pressure to boost the economy, so there could be some positives for small and medium businesses.
  • There are several reviews and inquiries currently underway that may affect companies in 2020. These include the aged care royal commission, Insolvency Practices Inquiry, and a review into Supply Chain Financing. Findings will be handed down this year.

If you have any questions about how these changes could impact your business, please contact the team at The Farm Protectors today.

Be Cyber Aware to Protect Your Small Business

According to the ACCC, Australian businesses lost over $7 million to scams in 2018. Small businesses with fewer than 20 staff are far more likely to be targeted by cyber criminals, accounting for over 75% of reports to the ACCC. You need to be cyber aware to protect your small business. Keep reading to find out common scams and how you can protect your small business.

Common scams targeting small business

  • Phishing emails – emails that attempt to trick you into giving out personal information such as passwords or credit card numbers
  • Malware – tricks you into installing software that will allow the scammer to access your files
  • Ransomware – cyber criminals will demand payment to unlock your computer or data they have taken
  • False billing – these scams will request that you or your business pay fake invoices for things that you did not order, such as office supplies or domain name renewals
  • Business email compromise – a cyber criminal will impersonate a business representative or employee to trick you into transferring money or sensitive information

How to protect your business

Staff Education

The best action you can take to protect your business is to invest in staff education and awareness. Ensure that employees are aware of the scams they might face, the risks involved, and what to do if a potential scammer contacts them. Below are some tips for staff that will help protect your small business.
• Do not click links or open attachments from people or organisations that are from people you do not know
• Be cautious if emails are asking for urgent payment, using fear tactics, or appear too good to be true
• Never send bank details or personal information over the phone or via email
• If a customer or supplier emails you asking to change their delivery or payment details, call them to confirm this change
• Remember that the government or trusted businesses will never ask you to pay via unusual methods such as gift vouchers or bitcoin
• If you receive any messages that seem suspicious, contact the person or company separately to clarify any concerns you may have.

Establish Business Processes

You need to establish consistent business processes for validating payments and sensitive information requests. Staff must follow these processes to ensure that payments are only being made to legitimate people or businesses.

Cyber attacks are on the rise for small businesses, and are becoming increasingly sophisticated and appear more legitimate than ever. If something doesn’t feel right, it probably isn’t. To protect your small business, you need to educate staff to create cyber security awareness and implement processes that limit the sharing of confidential information.