Compliance and Risk

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The Future Stability of Small Businesses Amidst the Cost of Living Crisis

Small businesses are struggling amidst the cost of living crisis, with insolvencies at record highs and inflation driving up costs. The Labour Government's budget offers temporary relief but fails to address root issues like high energy costs and rising interest rates. To ensure stability, more comprehensive support is needed. Government policies must balance the needs of workers and small business owners. Long-term solutions are essential for the sustainability of small businesses.
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2024-25 Budget: Will Small Businesses Truly Benefit?

The 2024-25 Australian Budget aims to support small businesses with initiatives like a $20,000 instant asset write-off, $3.5 billion in energy bill relief, and $25.3 million to improve payment times. However, the allocated funds per business are minimal, raising questions about their effectiveness. For instance, the digital adoption initiative provides just $6.91 per business annually. More comprehensive and sustained strategies are essential for meaningful support and long-term growth. Learn more about the budget's impact.
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2024-25 Budget: Will Disaster Relief and Preparedness Measures Help Small Businesses?

The 2024-25 Australian Budget allocates $236 million for disaster recovery, but is it enough? With Australia's natural disasters costing $18.2 billion annually, the per-business support amounts to just $25.65 per year. Other allocations, like the $1.4 billion for Disaster Recovery Funding Arrangements, offer $152.17 per small business annually. These figures highlight the need for more robust funding to ensure effective disaster preparedness and recovery for small businesses. Learn more about the budget’s impact and its shortcomings.
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Will the 2024-25 Budget Solve Australia’s Housing Crisis?

The 2024-25 Australian Budget's housing initiatives, including the $10 billion Housing Australia Future Fund and $1.6 billion First Home Guarantee Scheme, aim to tackle the housing crisis. However, the funding may be insufficient to meet the growing demand and rising costs. With a significant shortfall in affordable housing and increasing rental stress, the budget's measures may not fully address the underlying issues. Effective implementation and additional funding are crucial for meaningful impact.
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Navigating the Cyber Threat Landscape: Essential Insights for SMEs

SMEs are increasingly targeted by cyber threats, with the pandemic exposing the extent of potential scams. Key vulnerabilities include hacking through remote working, where security measures like firewalls and malware protection are often overlooked. Additionally, the internet offers hackers vast opportunities to infiltrate business systems. Moreover, the rise of ransomware and phishing attacks, constituting over 25% of cyber incidents, underscores the urgent need for robust cybersecurity measures.
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Introducing Director ID: Ensuring Transparency and Accountability in Australian Business

The Director Identification Number (Director ID) initiative by the Australian Securities and Investments Commission (ASIC) is a key component of the Modernising Business Registers Program, aiming to curb fraudulent activities and ensure transparency in directorship. This unique identifier, mandatory for current and prospective company directors, is obtainable through the Australian Business Registry Services (ABRS) and is designed to remain with an individual permanently, regardless of changes in their directorial status or personal details.
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