Business Bulletin – Summer 2020

Business Bulletin

The quarterly Business Bulletin is a document containing informative topics for the business owner.

Covered in this edition of the Business Bulletin:

  • Identifying Payroll Fraud – Tracey Angwin, from Australian Payroll Association lists the seven most common areas that give rise to suspected fraudulent payroll activity.
  • Surviving Tough Times – With the Reserve Bank of Australia having recently downgraded economic growth for the fourth time this calendar year and the retail and construction sectors particularly struggling, the first part of 2020 is tipped to be tough for business. With potentially tough times ahead, it’s timely to reflect on a Business Review Weekly article where it interviewed 16 entrepreneurial businesses that thrived through the 2009 Global Financial Crisis. Read on in the Business Bulletin for some of the lessons they learnt.
  • Year End – With the holiday season almost upon us, the Business Bulletin contains a few timely reminders before the Christmas break.
  • Tax Debt Alert – Businesses with large ATO tax debts may soon have those debts notified to credit reporting bureaus. The consequences for a taxpayer of having their tax debt information disclosed to CRBs can potentially be very serious, for example being refused finance which could have dire ramifications for the wider business. While the debt threshold was originally set at $10,000, this has been increased to $100,000. Read on in the Business Bulletin for other conditions that must be met before the ATO can disclose the debt.

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