Integrated Accounting Group

Here is a question worth asking yourself: if fraud occurred in your business tomorrow, would you know what to do?

Most small business owners do not have a formal Fraud Policy in place. It tends to get pushed down the priority list until something actually goes wrong, and by then, being prepared is no longer an option.

A good Fraud Policy does not need to be a lengthy legal document. At its core, it should cover four things: the values and ethical standards your business holds itself to, a clear commitment from the people at the top, an honest look at where your financial risks actually sit, and a predetermined plan for how you would respond if fraud did occur.

That last part matters more than most people realise. Making clear-headed decisions in the middle of a crisis is hard. Having a plan already in place means you are not starting from scratch when the pressure is on.

There is also a practical upside. Insurers look more favourably on businesses that can show they have taken fraud risk seriously. A documented policy can work in your favour when you need to make a claim.

If you would like to talk through what this might look like for your business, our team is happy to help. Give us a call on (08) 6363 7888.

Remember a few years ago when people thought cryptocurrency was a clever way to make money completely outside the banking and tax systems? Those days are well and truly gone.

We thought we might need to have a quick chat about digital assets. The ATO now uses incredibly advanced data-matching technology directly with crypto exchanges. Basically, if you are buying, selling, or even just swapping digital currencies, they already have a record of it.

Assuming your digital wallet is invisible to the tax office is a guaranteed recipe for a massive headache and potential penalties. We aren't here to tell you where to invest your money, that is a job for your financial advisor, but our job is to make sure your investments don't get you into hot water at tax time.

If you have been trading or holding digital assets this year, you need to declare it correctly. Let's make sure your tax return is bulletproof so you can keep growing your wealth without the stress of an audit hanging over your head.