What is tax planning? Essentially, tax planning is something you do to put your business into the best possible tax position. After all, nobody... Read more
Frauds & scams – don’t become a victim! Christmas is nearly here and this means the web scammers and internet fraudsters are in their peak season. Frauds and scams occur in vast numbers during the holiday season! Worst yet, they are usually targeting sme’s!
Your personal finances aren’t the only things at risk but your business finances are as well. So what do you need to do to ensure your money is safe over the season?
Remain sceptical if a supplier you regularly pay asks you to change their payment details. You should contact the business by phone or email using the contact information provided on the supplier’s website.
Check the details
Double-checking email addresses is important, as scammers may use an email address that is slightly different to the official address, with added or missing characters, such as dashes or periods, or a missing .au at the end of the address
Check with the business
If you are uncertain about an unfamiliar business, you should ask someone at the business a few questions to “satisfy” yourself.
That can be everything from someone who sends in an email, for example, pretending to be, ‘We’re changing our bank account details’ – probably a scam.
Use multiple bank accounts
Having a separate bank account specifically for the business can help you maintain your own personal sustainability if your business gets scammed.
If you’re dealing with online transactions, a lot of really small businesses actually use a separate bank account to the one they do their other business transactions in, because if you get compromised, or you get scammed, you can get shut down and it’s really hard to get it reinstated, and that can be a real pain in terms of doing business with people.
Rodney Quinn, Quinn Transport
Luke Talbot-Male, Adventures Beyond