spacer
spacer
spacer
spacer



CPA LOGO
spacer
Latest News
Hot Issues
Estate planning considerations
5 checklists to support your business
Are you receiving Personal Services Income?
What Employment Contracts Does My Small Business Need?
The superannuation changes from 1 July
Hasty lodgers twice as likely to make mistakes, ATO warns
Landlords who ‘double dip’, fudge deductions in ATO crosshairs
Most Spoken Languages in the World
Tax Time Checklists - Individuals; Company; Trust; Partnership; and Super Funds
Compare your business
2024 Year End Tax Planning Guide (Part 2)
ATO to crack down on rental income, WFH deductions this tax time
How to Draft a Standard Form Contract
GST, PAYG withholding a ‘significant portion’ of $50bn tax debt
ATO changes will make it harder for over 42,000 small businesses.
The Deadliest pandemics in History
Budget breakdown – Federal Government Analysis
Winners & Losers
Federal Budget 2024
2024 Year End Tax Planning Guide (Part 1)
Medicare levy surcharge OR basic health insurance ?
ATO warns of ‘serious penalties’ for unlawful tax scheme promoters
ACCC scam report
Employees taking more sick days - and it's getting worse
Foreign residents selling property in Australia
How much does negative gearing really cost – an overview and an opinion?
The Shortest-reigning Monarchs in History
FBT Reminder – Odometer Reading
ATO’s debts on hold campaign prompts new IGTO guidance
A comprehensive collection of small business benchmarks
The 2025 Financial Year tax & super changes you need to know!
Underperforming employees: When can you terminate?
Articles archive
Quarter 2 April - June 2024
Quarter 1 January - March 2024
Quarter 4 October - December 2023
Quarter 3 July - September 2023
Quarter 2 April - June 2023
Quarter 1 January - March 2023
Quarter 4 October - December 2022
Quarter 3 July - September 2022
Quarter 2 April - June 2022
Quarter 1 January - March 2022
Quarter 4 October - December 2021
Quarter 3 July - September 2021
Quarter 2 April - June 2021
Quarter 1 January - March 2021
Quarter 4 October - December 2020
Quarter 3 July - September 2020
Quarter 2 April - June 2020
Quarter 1 January - March 2020
Quarter 4 October - December 2019
Quarter 3 July - September 2019
Quarter 2 April - June 2019
Quarter 1 January - March 2019
Quarter 4 October - December 2018
Quarter 3 July - September 2018
Quarter 2 April - June 2018
Quarter 1 January - March 2018
Quarter 4 October - December 2017
Quarter 3 July - September 2017
Quarter 2 April - June 2017
Quarter 1 January - March 2017
Quarter 4 October - December 2016
Quarter 3 July - September 2016
Quarter 2 April - June 2016
Quarter 1 January - March 2016
Quarter 4 October - December 2015
Quarter 3 July - September 2015
Quarter 2 April - June 2015
Quarter 1 January - March 2015
Quarter 4 October - December 2014
Preparing for EOFY tax scams with business and cyber resilience
Every end of financial year (EOFY) season involves a rush by Australians wanting to get their tax returns completed. Increasingly, though, this period is seen as an opportunity for bad people to take advantage of us.


.


Too often the EOFY rush involves hastily clicking on links, giving personal information to the wrong person, or submitting documents to insecure portals or sites. One in four Australians experience a scam related to EOFY or tax matters, and these scams are not just limited to the June 30 date. In the months leading up to and following, scammers are leveraging a broad range of tactics from texting links to fake ads offering the recipient a tax refund.


For businesses, the threats are just as severe. Yet, half of organisations lack a comprehensive approach to assessing cyber resilience. In response to the growing threats and need for businesses to take preventative measures, the recent federal budget included a $23.4 million investment into a Cyber Wardens program, which aims to train up to 60,000 wardens in SMBs within the next three years.


While this is a progressive step, more needs to be done to ensure every business across Australia is equipped to mitigate the impact of cyber threats, particularly organisations managing Australians’ finances ahead of the EOFY period.


While the government initiative is welcome the best steps for any business, as a starting point, are:


  1. Ensure two factor authentication is turned on wherever it is available.  This should apply to platforms such as cloud-based e-mail systems, client portals, and payments systems.
     
  2. Change your passwords.  It is a fact that many of us use the same password for a lot of logins.  The reason for this is simply, so many passwords!!  However, the best answer is to use an identity & password manager solution such as Dashlane, LastPass, NordPass, or 1Password.  This way you only need to remember one password to gain access to all the others.
     
  3. Your Internet connection (router) is a point of significant threat.  Few routers are actively managed which leaves many opportunities or hackers.  The best solution is to ask your existing IT supplier, if they have the expertise, to ensure your router’s firewall(s) are shutting out the outside world. 
     
  4. A person within the business does need to be able to provide oversight that proper strategies are actually implemented and who can understand what their IT people are saying about their routers and firewall(s).  The government initiative noted above may help small businesses train such a person.  This is not saying a staff member needs to be an IT expert, but they do need to be able to understand what they are told and/or read.  Basic education and training can be enough but extra and ongoing training is increasingly important.

Be on your toes.  While cyber threats are often assumed to come externally from an aggressive attack by someone in a hoodie in a bunker overseas, the reality is many risks come from employees skipping over seemingly complicated approval processes, subscribing to popular apps or products that may not meet compliance requirements, or not checking whether they actually need to use a third party tool or if the same outcomes could be reached with an approved tool already used within the organisation. Make sure your own people aren’t opening the gates to the enemy.


Finally, don’t stop with the above. Cyber criminals around the world are savvy, persistent, and increasingly well-resourced. While they may be targeting consumers and accountants at tax time today, they will quickly find another way to get Australians’ attention tomorrow. Keep your plans, cyber champions, and staff – all the way to the Board level – updated regularly to ensure everyone is ready for the next threat.


 


 


05 June 2023




18th-July-2023
spacer
Privacy Policy | Disclaimer