As the weather gets warmer, it can be tempting for small businesses to put tax and financial management on the back burner. However, these are tricky times for small business owners, with Australia experiencing rising interest rates for six months in a row. So how can SMB spring clean their finances?
An SMB spring clean is a perfect opportunity for small businesses to set themselves up to flourish and establish good financial habits.
Year-round strategic advice
To help future-proof your business, business owners can engage an accountant or bookkeeper to plan their year and budget for all the potential variables. This will help keep their business in the black and map out opportunities to save money, drive sales or seek assistance.
Many business owners say their advisors are a lifeline. Many have leant on their advisors for emotional support, as well as guidance for their business.
Advisors will keep you up-to-date with the constantly changing legislation and other updates, so that you are informed and working to the latest guidelines.
Embrace digital tools
Digitising your business and using cloud accounting software provides you with important analysis, reminders and records, saving you valuable time and needless stress. For example, you can upload receipts automatically, use software to track your mileage on-the-go, see a dashboard of your finances and receive notifications to remind you to chase payments.
Digital tools can help you maximise your tax deductions and reduce the chances of human-error or vanishing files. You might also be able to deduct a further 20% when digitising your business or investing in skills and training, thanks to the Small Business Technology Investment Boost and Small Business Skills and Training Boost.
These small changes transform business bookkeeping into a seamless experience and can help to set you up for growth this spring.
Advice from Shaye Thyer, Head of Accounting at Intuit QuickBooks
Adobe announced new research revealing the growing importance of brands understanding customers at a personal level – and interacting with them as individuals in real-time. Rejecting age-based stereotypes, the majority (86%) of consumers in APAC want to be treated as an individual with unique interests and preferences, with one in two consumers (57%) saying they feel negatively towards brands that interact with them based on broad assumptions and labels, including age-based stereotypes such as “Millennial” and “Gen-Z”.
Adobe’s research shows the emergence of a new consumer who is not defined by age, refuses to be stereotyped, and expects to be understood as the unique person they are today. Brands seeking to meet consumer’s new expectations must ensure they are equipped with the latest customer data platform technologies, creating a complete single view of every customer capable of delivering personalised experiences in real-time.
Across Asia Pacific, customers are calling on brands to demonstrate that they know them, show them, and will help them in the moments that matter – not once, but all the time,” said Duncan Egan, Vice President of Marketing, Adobe Asia Pacific and Japan. “To meet that standard, brands need to unlock preferences in real-time through customer data and use it to deliver relevant interactions and content at the right moment. Scaling that across up to millions of customers is the next step.”
Time to get personal
The survey of 5000 APAC consumers (2000 Australians, 2000 Indians and 1000 Singaporeans) reveals three times as many APAC consumers feel closer to people who share their passions and interests (62%) than those of a similar demographic (19%). The vast majority (86%) of consumers want to be seen and treated as individuals based on their unique interests and preferences. Australians felt more strongly about this, with half (49%) rejecting the stereotypes of their generation and 91% wanting to be seen and treated as an individual.
Change is constant
Adobe found that consumer preferences and tastes are constantly evolving, reinforcing the need for brands to move away from simple groupings based on age or other fixed demographic factors. Consumers’ collective experience over recent years and months has only added to that rate of change. Most consumers across Asia Pacific see themselves and their peer group differently from how they were pre-pandemic, and 79% have adjusted their preferences and tastes even further in the past three months. The average person takes on a new interest or hobby six times a year, rising to ten times a year for people under the age of 25.
Brands’ ability to keep pace is also a significant expectation for Australian consumers. When asked, 62%of Australians said they have changed their favourite brands as their tastes and financial situation has changed. Real-time visibility and delivering experiences in line with emerging preferences is vital to keeping even the most loyal customers on side.
Individuality is key
Today’s consumers have high expectations for the brands they engage with – they expect brands to see them as unique people, keep up with their changing habits and interests, and respect their privacy preferences. Almost half of Australians (46%) now expect businesses to have a clear understanding of who they are as individuals, and only contact them with information relevant to what they are interested in at any given moment. More than one in two Australian consumers (59%)think negatively of brands that use broad assumptions and stereotypes to engage them.
Over two-thirds of consumers (66%) say they expect personalised experiences from brands they share data with, with more than half (50%) wanting real-time offers relevant to them. However, 25% of Australians say brands are not doing this well or are inconsistent in their efforts to keep up with their personal preferences. Regular efforts to engage consumers with bespoke offers related to their current interests is of the highest importance – more than three times as many people want frequent, thoughtful gestures (61%) over bigger one-off moments (14%).
Meeting consumers where they are
Adobe Real-Time CDP empowers brands to continually meet members of this new generation where they are. This customer data platform allows organisations to view and manage customer profiles, make updates in real-time, and activate customer insights through Adobe Experience Cloud applications across the entire customer journey – ideal for the sort of frequent, relevant and personalised connections today’s consumer now expects from brands.
Those sleek new wireless headphones that you purchased may look great but you can’t deny that it can sometimes be challenging when faced with wired ports. Instead of shaking your fist at the sky, meet AirFly (2nd Gen) – the newest, easiest, and most affordable way to use your wireless headphones in places that only have a headphone jack including flights, the gym, and older vehicles.
The AirFly (2nd Gen) is the latest addition to the popular AirFly family, loaded with features that make this tiny transmitter one of the most essential gadgets for your travel inventory.
Features:
Connects wireless headphones to any wired headphone jack;
Enjoy music, movies, and entertainment wirelessly, anywhere and anytime;
Easy-to-use button design that pairs headphones in seconds;
Built-in battery that lasts 20+ hours for even the longest flights;
Integrated volume control.
Stocked in a range of retailers, the AirFly (2nd Gen) is available for a low price of AUD$59.99. The growing AirFly family also includes the AirFly Duo and AirFly Pro.
Check Point® Software Technologies Ltd. , a leading provider of cybersecurity solutions globally, has released the results from a new survey of the SMB cybersecurity market, conducted by research firm Analysys Mason. It sought to uncover how SMBs are emerging from the pandemic, and how their business and technology needs are changing. The survey revealed that, while SMBs understand the need to invest in technology to support growth in the world of hybrid working, unfortunately, many fail to prioritise security.
The survey reflects that a majority of organisations including SMBs have embraced cloud, mobile, and SaaS technologies in recent years. Compared with pre-pandemic levels, there has been an increase in IT spending to drive business growth. SMBs have accepted that the hybrid work model is here to stay and therefore have increased their investment in communication technologies and services to support remote workers. With remote workers using home and office access points, the attack surface has expanded thereby increasing the risk of cyberattacks. With the increase in supply chain attacks across the industry, cybercriminals are increasingly using more vulnerable SMBs as an entry point into larger enterprises. This approach wreaks havoc on both the SMBs, and all the enterprises they interact with.
Given the global cybersecurity skills shortage, SMBs are struggling to properly secure their critical assets, making them a growing target for cybercriminals. Larger enterprises usually have bigger IT budgets and security resources, so they can recover more easily from a cyberattack. For SMBs, a cyberattack can be fatal to their business. The survey found that two of the biggest impacts that cyberattacks have on SMBs include lost revenue (28%), and the loss of customer trust (16%).
The survey of 1,150 small and medium-sized businesses across the US, Germany, UK and Singapore, also revealed:
SMBs struggle with a lack of expertise and require additional support: Less than a quarter (22%) of respondents felt they were extremely well protected against cyberattacks, and only a minority have internal security specialists or are working with a third party. This means that a large number of SMBs either have no security products in place or these products are managed by non-specialist staff. While there is a significant rise in the number of SMBs working with Managed Service Providers (MSPs) to help address IT issues, around a third of respondents noted they would like additional help from their MSP in upgrading security.
Cybersecurity as an investment: The SMBs surveyed clearly recognised the disastrous effects of a cyberattack on their company but seemed to agree that they had inadequate security budgets. Security vendor solutions priced beyond their budgets was identified as a key challenge to having effective cybersecurity capabilities. Something has to change, to enable SMBs to take a longer-term view of the value of cybersecurity so that they can invest today to protect their growth tomorrow.
SMBs are adapting to the ‘new normal’ but mobile security is lacking: SMBs are expecting 40% of their employees to continue working remotely for at least some of the time. The highest priority in all countries was to ensure that IT can be managed and supported remotely, validated by additional laptop purchases and increased VPN capacity. However, the survey also shows that the take up rate of even basic security products is low. The most adopted service, endpoint protection, is only used by 67% of respondents and less than half have any form of mobile security.
Eyal Manor, Vice President of Product Management at Check Point Software said: “It is reassuring that SMBs have increased their investment in cybersecurity to support business growth and the new hybrid work model, but having the correct mix of security products is only part of an effective strategy. Because there is a shortage of cyber security workers for SMBs, they require security solutions that deliver proven threat prevention, are extremely simple to deploy and manage, and offer the flexibility of an ‘all-in-one’ solution that combines security and internet connectivity.”
He continued, “SMBs should also be looking for a consolidated and unified security suite that achieves a high level of protection across their network, endpoints, mobile and email. SMB security providers should use a prevention-first approach and one that cuts down TCO, by reducing the need to manage additional staff or security expertise. SMBs should also consider leveraging third party managed service providers to gain access to experienced cybersecurity professionals at an affordable cost. Third party advisors can provide expert advice on the best security solution for each SMB along with training and ongoing support.”
For more information about the Check Point SMB cybersecurity market survey, read the full report here.
Sony has announced the world’s smallest 3LCD laser projectors, the VPL-PHZ61 and VPL-PHZ51 that combine advanced operational capabilities with high brightness and flexible installation, making them a reliable option for a wide range of corporate, education, museum and entertainment simulation applications.
The new Sony VPL-PHZ61
The VPL-PHZ61 & VPL-PHZ51 are compact and easy to install on ceilings in meeting rooms and classrooms with a +55% vertical shift, the widest in the fixed lens models*1. Both sophisticatedly designed models boast impressive high brightness – the VPL-PHZ61 at 6,400 lumens (7,000 lumen centre) and the VPL-PHZ51 at 5,300 lumens (5,800 lumen centre) – that project crystal clear images, even in a well-lit meeting room or lecture theatre to enhance the collaboration and communication of users.
With the incorporation of Sony’s Reality Creation real-time signal processing, mapping and analysis technology, the projectors produce crisp and clear pictures, for effective presentation and display. Both new models support 4K60P input for compatibility with 4K video sources. This is further amplified by Reality Creation’s ability to enhance the overall sharpness, resolution, and quality of the imagery, regardless of whether it’s pictures, graphs or text. Additionally, the projectors require no converter when being used with other 4K equipment to simultaneously project 4K content and support the “Deep Colour” of HDMI and the HDCP2.3. The projectors’ new Reality Text feature improves text-based presentation materials by providing clearer letters and lines with enhanced legibility.
The projectors also feature advanced Intelligent Settings, which offer optimisation based on usage environment. The addition of customised Bright View functionality enables colours to accurately maintain their contrast and vivacity, even in brightly lit rooms. The new Ambiance feature automatically measures the room’s brightness using an ambient light sensor, and further calibrates the Bright View, colour gain and Reality Creation settings accordingly. Additionally, the new models use a new filter material which requires no filter cleaning for meeting room and classroom use*2.
“Many of our customers struggle to find display solutions that provide both exceptional high brightness and sophisticated features that can enhance their content and overall user experience. We don’t want our customer to compromise on any of these asks, which is why we’ve built upon our existing legacy in developing feature-rich laser projectors, to provide compact and advanced projectors to the market. These projectors really are world-class in their technology, quality, and design,” said Anna Tan, Product Manager, Displays Australia and New Zealand.
Other features include:
Auto Light Output – by utilising the ambient light sensor, the brightness of the projector is automatically controlled at night to save power consumption.
Auto Power On – turns the projector on when video signal is sensed and Auto Input Select that automatically changes the input when video signal is sensed.
Data cloning function – allows users to copy any settings on one projector to all subsequent projectors using a USB device.
Maintenance – makes it easier for users to remove the filter and to know when the filter needs cleaning with a new sensor.
Have you always wanted to start your own business but never had the confidence or the knowledge to do so? Is this a career change, and is it right for you? Buying a franchise may give you confidence and support in selling a proven offering. This guide will examine the pros and cons of buying a franchise and help you identify the right franchise opportunity.
A franchise is a business opportunity that allows the franchisee (possibly you) to start a business by legally using someone else’s (the Franchisor’s) brand, expertise, ideas, and processes. Australia has three times as many franchised outlets per capita as the USA. Well-known franchises include McDonald’s, Subway and Jim’s Mowing.
Franchises are offered in almost every industry in Australia. As an investor, you buy into an existing brand which, if you tried to set yourself up, could take years to get into the same position.
Depending on which franchise you are interested in joining, there is no guarantee that you will be accepted as a franchisee. It can be quite competitive, especially when it comes to location and also due to franchisors selecting the franchisee they believe will make the business a success.
It would help if you considered the following:
Advantages
Association with an established brand, reputation, product or service
Assistance with lease negotiations, site development, and shop fit-out
Assistance with buying equipment
Initial management training and ongoing support
Advertising and marketing support
Access to established standard procedures, operating manuals and stock control systems
Access to financial systems
Disadvantages
Less autonomy when making business decisions (franchisees generally must operate according to a standard operating manual)
You can only operate in a restricted territory
Paying ongoing fees to the Franchisor
Having to use specified suppliers
Less control if you sell your franchise; you will be required to follow certain procedures, including having your buyer approved by the Franchisor
Restraint of trade provisions (limiting the actions you can take) when the franchise ends
At the end of the agreed period, the Franchisor is not required to renew the franchise, in which case the business and its goodwill go back to the Franchisor
WHAT do I need to know about franchising?
There are three types of franchises:
Business – You have the right to use the Franchisor’s intellectual property in your industry. An example is Boost Juice.
Product – You sell the Franchisor’s product or service from a wholesale or retail outlet with exclusive rights within a specific area, for example, Jim’s Mowing or a Mazda dealership.
Processing or manufacturing – You manufacture the product, and the Franchisor provides an essential ingredient or know-how, such as Coca-Cola.
The Franchising Code of Conduct regulates franchising in Australia. The Code is mandatory and governs the conduct of franchising participants towards one another. It covers:
Disclosure requirements – the Franchisor must be provided
When interested in acquiring a franchise
Information statement – 2-page document covering risks and rewards.
If you decide to proceed
Disclosure document – costs, supply restrictions, and contract details of existing and former franchisees.
Franchise agreement – legally binding document between you and Franchisor.
Good faith obligations – how you act to one another
Dispute resolution mechanism – if a dispute remains after three weeks, either party can refer the matter to mediation
Cooling-off period for potential franchisees – you cannot sign for 14 days after receiving documents, and you can terminate the agreement up to 7 days after signing
Procedures for ending a franchise agreement – set out the terms for termination, renewal, end of term and transfer of the franchise
Some franchise systems require their franchisees to buy certain products from them or their specified supplier, known as supply restrictions. You might have no choice about where to buy some products.
The entry price of a franchise may seem like a good deal, but there may be further costs that you have to pay to establish and run your franchise. It’s important to understand the total costs you might have to pay.
HOW do I evaluate before buying a franchise?
If you buy into a franchise, investing in advice from a lawyer, accountant, or business advisor with franchise experience will help you make a better decision. You should, however, consider the following when evaluating a franchise:
Consider the effect on your family and lifestyle
Question if the business interests you and if you are comfortable with investing
Research the business. This may include getting expert advice.
Age, size, uniqueness and reputation (including management team) of the franchise
Understand all costs and fees beyond the initial outlay
Understand franchisor directives around logos, uniforms, and future capital investments like a compulsory store refresh
Be aware of what marketing support is provided and what your contribution will be towards that
Ask to see demonstrations of processes or technology
Understand how area territories work and if they are exclusive; thus, you will understand the competition from your franchise. Location is important.
Understand what training is available
Is the Franchisor a member of the Franchise Council of Australia, as this imposes certain ethical standards
Ensure what you receive in writing matches what you have been told verbally
Speak with existing and past franchisees to see if the opportunity has lived up to expectations
What’s the work like?
Any unexpected costs?
How is the supply of products or services?
What problems have you encountered?
How supportive is the Franchisor?
How was the training?
Was it a good investment?
Ask about compliance checks performed by a franchisor
Consider what your exit strategy looks like
HINTS
Don’t assume the franchises will be a success.
Don’t assume you will not have to work hard in the business.
Understand your reputation is affected by the Franchisor, for example, 7Eleven underpaying employees.
SUMMARY – buying a brand, expertise, and processes
Buying a franchise can be a great way of starting your own small business. It comes with the security of an established brand, expertise, ideas, and processes. However, you will have less autonomy. The mandatory industry franchise code of conduct helps to protect all parties and provides a mechanism to resolve disputes. Before buying a franchise, do your homework carefully and consider using the services of an expert in franchising.
With so many staff working from home, your office might be unattended or short-staffed. A video doorbell may be just the solution to allow your small business to continue functioning even if no one is in the office.
What is a video doorbell?
A video doorbell allows a video image to be displayed on a screen when someone presses the doorbell. A smart doorbell is an internet-connected doorbell that will enable notifications and pictures to be sent to a smartphone or a smart home assistant screen.
One of the cool features of a smart doorbell is that you can answer your door from anywhere in the world with internet access. You do not have to be in the same physical location.
If we assume everyone works from home on a Wednesday and there is no one at your work location. A courier presses your doorbell, and you immediately get an alert on your smartphone and an image of the courier. With 2-way talk, you can ask for your delivery to be left at the business next door.
Another good scenario is to help deal with door-to-door salespeople. You could send them on their way without even leaving your desk.
Why should you consider a ring video doorbell?
All this technology sounds pretty expensive. Ring, an Amazon company, sells their 2nd generation video doorbell for $150. For an extra $40, you can add a wireless chime. The chime lets others know you have a visitor without the smartphone app.
The doorbell comes with a charging cable and installation screws, including special security screws stopping someone from simply removing your doorbell from its bracket. Unless you hardwire the doorbell, you will need to remove the doorbell periodically to recharge its battery.
It is a pretty simple installation by screwing into a wall or door frame if used wirelessly. The ring doorbell does need to be within wireless range of your business Wi-Fi router. This, combined with downloading the ring app, will allow you to control and receive alerts. Your smartphone app enables video images to be displayed and for 2-way communication to occur with your visitor who has pressed the doorbell.
The ring can also be configured so you can also receive notifications if someone comes within view of the camera. This is a great security feature and does not require the visitor to push the button, whether a welcome visitor or not.
Features of the Ring generation 2 doorbell
The camera can record video in HD, the same resolution you would experience on an HD free-to-air TV channel. If it is nighttime and you have no external lights, the camera will see for approximately 10 meters in black and white tones.
Connectivity to the Ring is via 2.4Ghz Wi-Fi. As an Amazon product, you can use Alexa connectivity if you have an Amazon smart home ecosystem.
The ring doorbell is also capable of six pre-set responses if you are away from your smartphone, for example, while exercising.
Real-world tests
The notification is surprisingly fast given that the act of pressing the button must go through the internet to cloud-based servers.
One of the challenges of video surveillance is that the camera can pick up movement in the background. For example, if your video doorbell faced a busy street, we would not recommend using movement detection as you would constantly be getting alerts. There is a feature where you can mask video capture areas so movements in those sections will not trigger a warning.
Areas of the screed can also be masked so they will not be recorded if you need to maintain someone’s privacy.
The setup procedure via the app is very easy, with a step-by-step guide including a guide to help you actually install the doorbell on the wall.
If you wish to keep a record of videos, a subscription Ring protection plan is available for $4.95. This plan enables recordings to be stored for 180 days and also be exported for your own storage. This plan also adds person detection, determining if a person is in the shot and only sending a notification.
Our Take
Your small business with a located entry will benefit from a video doorbell by sending motion alerts as well as from a doorbell being pressed to your smartphone.
Two-way talk allows you to interact with your visitor even if you are in another city or perhaps just a few meters away from your desk.
This smart doorbell at a low entry price gives you greater flexibility to manage your visitors even when no one is at your business premises.
Online shopping is slowing down this year, with online sales slightly decreasing month-on-month.[1] The CEO of a leading courier service says there is a need to streamline customer returns. The process is key for online retailers to boost sales and acquire and retain customers this year and well into 2023. In fact, research shows that 92 per cent of consumers are incentivised to purchase items from a retailer that offers an easy returns process.[2]
Richard Thame, CEO at leading parcel delivery service CouriersPlease says returns is one of the most challenging processes for retailers to master, however, when done well, it can be vastly beneficial to their bottom line. He says: “Returns should be a key area for retailers to bolster and to ensure it fulfils the new consumer need for convenience and ease when shopping online. Providing a returns process or platform that allows consumers to arrange returns in a simple, user-friendly way can save time and resources in the long-term. It can also help ease pressure on customer service staff by reducing returns-related enquiries.
“Consumers will ultimately be more inclined to make a purchase or multiple purchases when they know they can access a solution that offers flexibility, control and visibility over their returns. While the process itself should be simple and easy to access and use, retailers must also ensure their returns policy complies with Australian consumer law. Consumers are legally entitled to a refund, repair or replacement during instances where a product is deemed faulty, unsafe or other factors.[3]Although there is no legal obligation to allow ‘change of mind’ returns, I recommend retailers consider such a policy to encourage sales and increase consumer trust.”
Four ways to streamline customer returns to improve customer acquisition and loyalty.
Send orders in reusable packaging. Richard says retailers can’t underestimate the hassle customers undergo when repackaging goods they are returning. Satchels that can easily be opened and re-sealed in a way that maintains their integrity enables the parcels to be re-used and helps customers return items faster and in better condition. Currently, most parcel satchels need to be cut open, often being ruined in the process – which forces the customer to reseal the satchel clumsily or buy a new satchel at their own cost. Reusable packaging is also a more sustainable approach to returns, helping retailers attract the emerging segment of environmentally conscious shoppers. Richard suggests retailers also consider sustainable packaging, such as compostable or recyclable satchels.
Make return pages more visible and easily accessible. Customers expect the convenience of online shopping to be consistent across all aspects of the shopping journey. On many sites, however, the returns page is hidden in the fine print alongside terms and conditions and privacy policies. Then the returns process itself can be convoluted, with shoppers at some sites having to request a return authority to enable the goods to be returned. A convoluted returns process is a reason why some consumers avoid online shopping altogether, therefore, making improvements here will help direct more shoppers to online sites. Visually complex webpages can also significantly influence customers’ trust in the retailer and likely reduce repeat-purchase rates.[4] Richard advises that considering visual elements, such as pictographs, can be beneficial in aiding customers through the return process, while enhancing their perceptions of the retailer’s credibility and improving customer loyalty.
Partner with a carrier that offers at-home returns collection. More Australians are continuing to work remotely, at least on a part-time basis, enabling them to receive online orders easily at home, including during work hours. At-home returns collection services are a slowly emerging trend that retailers can take advantage of. CouriersPlease offers such a service through a dedicated self-service portal, accessible through their participating retailers’ websites, which allows shoppers to arrange for items to be collected directly from their doorstep in three simple steps. CouriersPlease’s own research has found that 88 per cent of consumers would be more likely to purchase from retailers that offer at-home returns collection, and 64 per cent would pay for the service.
Partner with a carrier that offers convenient drop-off options, including after-hours locations. For shoppers who have returned to the workplace, part of the hassle of returning items is finding the time to drop off items at the post office during business hours. Some couriers, including CouriersPlease, offer a collection point network, whereby customers can take their returns to a retailer who is part of the network – such as a petrol station, convenience stores or pharmacy – many of which are open after hours. Retailers could consider partnering with a courier that offers such options, to increase the convenience and ease of arranging a return.
With under a month to go until the 31 October due date for 2021-22 tax returns, the Australian Taxation Office (ATO) is reminding taxpayers to get on top of their sole trader tax return by lodging or engaging with a registered tax agent.
ATO figures show that as at the end of September, over 8.3 million taxpayers have lodged their 2022 tax returns. Last year, over 9.6 million had lodged their 2021 tax return by 31 October.
Assistant Commissioner Tim Loh says there are several lodgment options available.
“People with simple tax affairs can lodge through our free myTax service in under 30 minutes. Most of the information you need will already be there; just check it’s correct, add any additional income, and claim deductions you’re eligible for.”
“Our website has a range of helpful calculators and tools to help you get it right. These are designed to guide you on a range of topics, from whether you need to lodge a tax return to working out which deductions and expenses specific occupations and industries can claim.”
“If you need more time to prepare your sole trader tax return, you can lodge with a registered tax agent. If you’re using a registered tax agent for the first time or using a different registered tax agent to last year, you need to engage with the registered tax agent by 31 October,” Mr Loh said.
There are also free programs to support those who need help with their tax affairs:
The ATO’s Tax Help program is run by trained volunteers and is available to taxpayers earning $60,000 or less per year who have simple affairs.
The National Tax Clinic program is a government-funded initiative to help individuals, small businesses, not-for-profit organisations and charities who may not be able to afford professional advice and representation with their tax affairs. It’s run by Australian universities and supported by the ATO.
This tax time as with every tax time, the ATO reminds taxpayers to be mindful of keeping their personal information protected, including never sharing their myGov login or myGovID details with anyone. Further information is available on our website – How to protect yourself
More information
For more information about how to lodge a tax return and the support options available, visit ato.gov.au/taxessentials
Australian SMEs are being warned they’ve been left exposed after Optus hackers accessed the personal information of up to 10 million Australians.
“This is very serious and has the potential to create a business email compromise storm,” says Phil Parisis, General Manager of Products at My Business, Australia’s largest small business organisation.
“Business email compromise (BEC) is when hackers gain unauthorised access to or impersonate an email account to intercept private communications. Criminals are then able to intercept financial transactions such as invoices or scam other organisations out of money and goods,” says Mr Parisis.
“I would estimate more than 60% of small business owners are using the same email/password for their Optus account as they do for other critical business systems,” he says.
“Not to mention employees using the same password that’s been breached or suppliers and clients.”
According to the Australian Cyber Security Commission business email compromise cost $81.45mill during 2020-2021.
The latest data from the Australian Small Business and Family Enterprise Ombudsman shows more than 60% of Australian SMEs don’t survive a cyber-attack.
“We often hear from small businesses that ‘I’m just a retailer, a designer; why would anybody target me?’
“The reality is that cyber criminals don’t necessarily target you. Mostly, you become an accidental victim of a large, broad scale attack such as what’s happened to Optus.
“It’s also a good reminder for SMEs to look at their own cybersecurity because if it can happen to a huge company like Optus imagine how easily it can happen to them,” he says.
6 tips for small businesses who believe their data has been compromised:
Create a human firewall: Building a human firewall or educating yourself and employees is the most effective way of preventing a cyber-attack.
Password protection: It’s important that passwords are not easy to guess. All businesses should consider a password manager or multi-factor authentication, with passwords regularly updated.
Limit exposures: Logging on to public Wi-fi is one of the easiest ways to get hacked, hot spotting to a secure account is a safer option. Likewise be careful with cheap imitation cables and upgrade your systems regularly.
Be prepared: Have a back-up account ready and know how to access it. Know what will be required to get your account back – have that information ready before the attack happens.
Pay for an expert: The government is now offering cyber protection insurance to small businesses. This significantly reduces the financial impact of a cyber-attack and can help a business recover faster.
Update business policies and procedures: Ensure your business processes are up to date to protect, prevent and recover from any suspicious behaviour.
“Small business is big business for cyber criminals,” says Mr Parisis.
“Cybercriminals are savvy, they know that by taking on larger organisations they can then branch out and hit smaller businesses too who knowingly have less resources, time and budget to protect themselves.”
“But this should act as a warning to Australian SMEs – if it can happen to a huge organisation like Optus with all the firewalls at their disposal – imagine how easily it can happen to smaller companies.”
