Australian businesses are reporting losing more money to fraud than ever.1 And yet four in five businesses have never carried out a proper risk assessment.2

So, if your business wants to minimise risk but doesn't know where to begin, here's how to conduct an effective fraud risk assessment in seven steps.

Click here to read more.

Macquarie has been providing Business Banking solutions for over 30 years and provides SME clients with tools and strategies to grow and develop their business. You can get regular updates by subscribing to the monthly newsletter, Strictly Business by visiting macquarie.com.au/businessbanking. If you would like to find out more about how Macquarie can support you to take your business further, call Sam McCarthy at our Parramatta office on 0417 518 724 and be connected with one of our banking specialists.

This information has been prepared by Macquarie Bank Limited ABN 46 008 583 542 AFSL and Australian Credit Licence 237502 (“Macquarie”) for general information purposes only. This information does not constitute advice. Opinions expressed are subject to change without notice. No member of Macquarie accepts any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of this information. 

Whether it is a cruise or an all inclusive holiday to The Islands of Tahiti, Elite Travel have some amazing deals. 

Contact the holiday specialists at Elite Travel on: 

P: 1800 627 746

E: info@elitetravel.com.au

W: www.elitetravel.com.au

Coming up with a way to keep chimpanzees from breaking the padlocks on their enclosures and escaping, can be a tricky business.

For Keiren McGovern of Independent Locksmiths and Security, it is all in a days work.

“I was asked by Craig Sowden the GM at Sydney Zoo to supply padlocks for the carnivore, elephant & chimpanzee enclosures. But what we found with the chimpanzees is that they had the brains to sit, flick and rattle the padlock on purpose as to torment and drive the zoo keepers mad.

They also had enough leverage to swing and bounce the padlocks with force against the cage in an attempt to break the padlocks and escape,” explained Mr McGovern.

The Master-Keying Manager’s solution was to re-design the padlock with a shorter shackle, leaving the chimps with no leverage to fidget with the lock.

“It has resolved the issue and the monkey business has stopped,” said Mr McGovern.

Independent Locksmiths and Security are just one of the success stories that have emerged from Western Sydney Business Connection’s Strategic Matching Events.

The events are the brainchild of WSBC’s General Manager Amanda Brisot, who came up with the idea after learning of the unprecedented pipeline of work scheduled for Western Sydney over the next decade.

“We wanted to come up with a practical way to help our members and small to medium-sized businesses in the region maximise the opportunity resulting from the investment boom,” Ms Brisot said.

By connecting SMEs in Western Sydney to large corporations responsible for delivering major projects, Ms Brisot saw an opportunity for local businesses to win work in a cost effective and unique way.

“Some call it speed dating for business but essentially our Strategic Matching Events provide SMEs the opportunity to participate in several 15 minute meetings with tier one organisations such as Lendlease, Multiplex and CPB Contractors.”

In collaboration with the NSW Department of Industry and Industry Capability Network, WSBC have now held four Strategic Matching Events across the region.

“We are extremely grateful for the forward thinking and backing from government departments and agencies such as the NSW Department of Industry. Their support has not only enabled us to get this event series off the ground but has also allowed us to keep it going,” Ms Brisot said.

The popularity of these events is undeniable. WSBC have received over 500 Expressions of Interest from SMEs wanting to attend and have scheduled 736 face-to-face meetings between 35 tier one organisations and 105 local businesses.

For Ms Brisot supporting local business will inevitably grow the economy and generate jobs for the local community.

“We get extremely excited when we hear from organisations who have won business through our Strategic Matching Events.

Independent Locksmiths & Security for example, have a highly skilled team of technicians and have the capability to service some of the nation’s largest organisations. They just needed access to these tier one organisations” explained Ms Brisot.

In addition to the Zoo, Independent Locksmiths & Security have also successfully secured business with Summit Care Baulkham Hills. With other major Western Sydney projects taking shape, such as airport works and the Northern Road upgrade, they also see the potential for winning business with construction giants, Lendlease and CPB Contractors.

With the commencement of a new financial year, it brings with it important changes and new rates which will apply from 1 July 2019.

NEW! High Income Threshold (HIT)

With the HIT:

• it increases to $148,700

• it impacts:

(a) who can make a claim for unfair dismissal (for those not covered by a Modern Award or to whom an enterprise agreement does not apply)

(b) the maximum amount of compensation payable in an unfair dismissal claim

(c) those on a 'guarantee of annual earnings' (a Modern Award does not apply to an employee whenever this guarantee is in place provided it continues to meet the relevant legislative requirements)

NEW! Modern Award Increases

With Modern Awards (including enterprise awards):

• minimum wages increase by 3% (starting on the first full pay period on or after 1 July 2019)

• absorption of wage increases into over-award payments is permissible (subject to the terms of the relevant employment agreement and what other amounts are being absorbed into any annualised salary)

• increases to the minimum wages of junior workers, apprentices, trainees, piece workers and employees on the supported wage system will occur

• expense-related allowances in Modern Awards will increase as set out in the Modern Award (eg, by the applicable CPI index figure)

• annualised salaries will need to be checked to ensure they can still properly absorb/include all relevant minimum Modern Award amounts and that they continue to meet the technical requirements of the relevant Modern Award

NEW! National Minimum Wage (NMW)

With the NMW:

• this is applicable to employees to whom neither a Modern Award or enterprise agreement applies

• the NMW increases by 3% to become $740.80 per week or $19.49 per hour

• in addition:

(a) special NMW rates apply to employees with disabilities, junior employees, apprentices, and those on training arrangements

(b) the minimum casual loading remains unchanged at 25%

NEW! Impact on Enterprise Agreements

With enterprise agreements:

• they must always meet or exceed the minimum wage of:

(a) the relevant Modern Award (ie, the Modern Award that would have applied had the enterprise agreement not been in existence)

(b) the NMW (ie, where a Modern Award would not apply even if the enterprise agreement was not in existence)

• thus, pay rates in enterprise agreements may need to be increased (even if the enterprise agreement has its own wage increase regime)

NEW! The Sting

Be mindful that wage increases may have flow-on effects such as increasing:

• the value of leave loading, penalty rates, overtime and superannuation contributions

• the value of accrued leave entitlements

• the cost of wage related expenses such as payroll tax and workers compensation premiums

NEW! Redundancy

The tax-free component of a genuine redundancy payment increases to be:

• a base amount of $10,638

• an additional amount of $5,320 for each completed year of service

NEW! Superannuation Contributions Base

With superannuation:

• the maximum superannuation contribution base increases to $55,270 per quarter ($221,080 per annum)

• an employer is not required to make superannuation contributions on behalf of employees on earnings in excess of that maximum contribution base

Questions/Assistance

If you have any questions in respect of the above or would like any employment related assistance, please contact a member of our Matthews Folbigg Workplace Solutions employment law team on (02) 9635 7966 or at julianac@matthewsfolbigg.com.au

DISCLAIMER: This article is provided to clients and readers for their general information and on a complimentary basis. It contains a brief summary only and should not be relied upon or used as definitive or complete statement of the relevant law.

Join Western Sydney University for the launch of their Tax Clinic:

Date: Tuesday, 25 June 2019

Time: 2:30pm - 4:30pm

Venue: Parramatta City Campus

169 Macquarie Street

Level 9, Conference room 3

RSVP: Friday, 21 June 2019 by clicking here

The Western Sydney University Tax Clinic is a Tax Office federal initiative that provides advice and support for unrepresented, lower income or vulnerable taxpayers and small businesses while also assisting in developing practical experience for Western Sydney University accounting students as the future of the tax profession.

For more information about the Tax Clinic visit westernsydney.edu.au/tax-clinic.html

There has never been a better time to get your business digitally ready. Search engines want to know about your business. Clients are looking for your business. Media platforms are fighting for your business. The world is waiting for you to tell your story.

This month we interviewed Brilliant Digital’s CEO and Founder Deb Croucher on her 20 years of experience in building high-traffic websites through content marketing.

Deb talks candidly about the trends that have changed and those that are here to stay.

We look at which media platforms give you the best bang for your buck, and: 

Tech vs human behaviour – which is more important in getting your business to rise through the search engine rankings.

We break down what Deb has learned about using SEO to build sustainable businesses that generate traffic for themselves.

Hall & Wilcox is hosting a free employment and privacy law update in Parramatta on Thursday 4 July, from 5pm – 6.30pm. The update will focus on:

• Employment and industrial relations landscape: post the Federal election
• New whistleblower legislation: what is it and how it will impact your business
• Privacy law update: managing cyber security and data protection risks

RSVP HERE

Employment and industrial relations landscape

With the current hot topics of casual employees, labour-hire workers and employee wages and rights, Hall & Wilcox will discuss the likely post-election impact on the employment and industrial relations landscape.

New whistleblower legislation

The Treasury Laws Amendment (Enhancing Whistleblower Protections) Bill 2017 (whistleblower legislation) will apply from 1 July 2019.

The aim of the whistleblower legislation is to create a single, strengthened whistleblower protection regime covering the corporate, financial and tax sectors. It also aims to encourage ethical whistleblowing and discourage white collar crime.

The new changes are intended to increase protections for the people who make disclosures and expand the subject of disclosures.

Public companies and large proprietary companies will need to have a whistleblower policy in place within six months of the commencement of the regime. Employers should begin to formulate whistleblower policies and processes now to ensure that they are in compliance with the new laws.

Please join members of the Hall & Wilcox Employment team to learn more about the new legislation, how it will impact on your organisation, and importantly how to ensure your business is compliant with these new laws.

Privacy law update

In the context of cybersecurity risks being one of the biggest threats facing business today, Hall & Wilcox will also provide an update on privacy laws, including the notifiable data breach regime. They will discuss steps you can take to protect your business against the serious financial, legal and reputational risks arising from a privacy breach.

A Q&A session will follow the presentation.

Date: Thursday 4 July 2019

Time: 5:00pm – 6:30pm

Venue: PARKROYAL Parramatta, Rose Room

30 Phillip Street, Parramatta, NSW

RSVP HERE

Hold your event before July 31 and save!

Day Delegate Package includes:

• Complimentary room hire of the main plenary room from 9:00am to 5:00pm
• Notepads, pens, mints and water
• Standard audio visual: data projector screen, flipchart, whiteboard and markers
• Complimentary Wi-Fi
• Arrival tea and coffee with whole fruit bowl and fresh juice
• Morning tea with two gourmet food items
• Gourmet lunch with hot and cold platters, dessert, tea and coffee
• Afternoon tea with two gourmet food items (Full Day Delegate Package only)

To request a quote or site visit, please speak with the PARKROYAL Parramatta team today:

P: 02 9685 0309 

E: events.prsyp@parkroyalhotels.com

Terms and Conditions

• Valid for meetings held before 31 July 2019 for meetings with a minimum of 20 delegates

• Subject to availability

• Not valid for existing bookings and cannot be combined with any other promotions

• Prices are subject to prevailing taxes and service charges

As part of the NSW Advanced Manufacturing Industry Development Strategy, the NSW Government is partnering with the NSW Smart Sensing Network and the Advanced Manufacturing Growth Centre to deliver the ‘Successfully Adopting Smart Sensing Technologies’ series.

The series will focus on how manufacturing businesses can successfully partner with universities to adopt advanced manufacturing technologies that enhance their competitiveness and resilience.

The first event will be hosted by Western Sydney University and will provide an opportunity to learn more about:

• essentials of smart sensing – what you need to know
• unlocking university and research know-how
• identifying government support
• how to start on the journey
• recent successful experiences navigating the academic-industry interface from industry and academic perspectives.

The event will include a tour of the Western Sydney University Launch Pad facility.

Event details

• Date: Monday 8 July 2019
• Time: 10 am – 12 noon
• Cost: Free
• Venue: Western Sydney University Launch Pad – Werrington Park Corporate Centre, Great Western Highway, Kingswood NSW

RSVP

Please RSVP by 1 July 2019 by clicking here

In the seventh edition of their Building the Lucky Country series, Deloitte’s ground-breaking research reveals what the changing nature of work really means for businesses and government.

The future of work isn’t scary, but it is misunderstood. Deloitte's research shows how human skills are hugely under supplied and as a result – skills, rather than occupations or qualifications – are the job currency of the future. These trends in job markets aren’t alarming, they’re liberating, as the boring, repetitive work will be done by robots, leaving the more challenging and interesting work for humans.

Explore The path to prosperity: Why the future of work is human to find out:

• What myths about the future of work have been busted

• What the job currency of the future will be. Tip – it’s not qualifications or occupations

• Why today’s jobs require us to use our heads, rather than our hands, and how something new is happening…

• Which human skills are hugely under supplied and which ones will be most in demand

• How businesses and governments can make better choices about our work, our workers, and our workplaces.