Tag: best practice

business owner on laptop

Online safety tips: what you need to know

Posted on | by Allan Hall

Online security matters more than ever

Here are some key tips to help keep you safe and secure online.

Think Before You Click

Be cautious when clicking on links or opening attachments in emails, social media messages or texts. If something seems suspicious or too good to be true, it probably is.

Use Strong Passwords

Choose passwords that are hard to guess and use different passwords for different accounts. Consider using a password manager to keep track of your passwords.

Keep Your Devices Updated

Install updates for your devices and software as soon as they become available. These updates often include security patches that protect against new threats.

Beware of Public Wi-Fi

Avoid accessing sensitive information when using public Wi-Fi. If you must use it, consider using a VPN (Virtual Private Network) for added security.

Protect Your Personal Information

Be mindful of what you share online and who you share it with. Check privacy settings on your accounts and limit what information is visible to others.

Back Up Your Data

Regularly back up important files and data. Use cloud storage or an external hard drive to ensure you can recover your information if something goes wrong.

Stay Informed

Cyber threats are always evolving. Stay up to date with the latest security advice and be alert to new scams.

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General Advice Warning

The information contained in this article is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs and, where appropriate, seek professional advice from a financial advisor. This site is designed for Australian residents only. Nothing on this website is an offer or a solicitation of an offer to acquire any products or services, by any person or entity outside of Australia. Robin Bell, Martin Cimino, Angelo Adam and Allan Hall Financial Planning Pty Ltd are Authorised Representatives of Consultum Financial Advisers Pty Ltd ABN 65 006 373 995 AFSL 230323. 

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Allan Hall Sharpens Global Strategy at AGA’s Worldwide Conference

Posted on | by Allan Hall

Alliott Global Alliance Worldwide Conference 2024

Allan Hall Business Advisors team members Scott Jago and Paris Barns recently returned from the Alliott Global Alliance 2024 Worldwide Conference in Ho Chi Minh City, bringing back valuable insights to further strengthen the firm’s international service offerings.

The four-day event attracted more than 140 accounting and legal professionals from 37 countries. Key themes included cross-border collaboration, sustainable strategies and the effective use of technology.

All delegates participated in intensive sessions on due diligence, best practices and the latest tools to streamline global client engagements and foster growth.

The conference provided practical strategies that directly support Allan Hall’s commitment to delivering seamless international business solutions. Our involvement ensures we remain well-positioned to guide clients through complex international markets and evolving regulatory landscapes.

If you are an international business looking to start up in Australia, or an Australian business looking to expand overseas, Allan Hall has a highly skilled and experienced team in International Services. We collaborate with you to develop strategic solutions tailored to your business so you can respond to global opportunities and take on challenges in your chosen region.

For more information on Allan Hall Business Advisors and our International Business Services, please visit https://allanhall.com.au/international-business-strategy/.

CONTACT ALLAN HALL INTERNATIONAL SERVICES

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cash in a hessian sack

SMSF record-keeping best practices

Posted on | by Allan Hall

ATO reminds SMSFs to keep good records

How self-managed super fund (SMSF) trustees can meet their responsibility to keep accurate tax and super records.

Keeping good records

Keeping good records is more than just knowing which records to keep and for how long. It involves having a system for organising and maintaining records that makes it easier for you, and any SMSF professional you use, to:

  • complete the fund’s independent audit each year
  • lodge your fund’s annual return.

It may also help reduce audit and administration costs for your fund.

To help keep your records organised, you may want create separate files for your fund’s more permanent records, and for records that relate to a specific financial year.

For example, in your permanent file you may want to keep:

  • the fund’s trust deed
  • the fund’s investment strategy
  • details of the regular reviews of the fund’s investment strategy, including the consideration of insurance for members of the fund
  • reasons for decisions on the storage of collectables and personal use assets
  • minutes of trustee meetings
  • all signed trustee declarations
  • records of trustees consenting to their appointment as a fund trustee
  • records of all changes in fund members and trustees.

As each SMSF is unique, with its own investment strategies to achieve its objectives, you should consult with a professional licensed adviser when setting up a record-keeping system that suits your fund.

Keeping all relevant records together will simplify the process of compiling the records you need to give to your fund’s independent auditor. If your fund regularly holds trustee meetings, you could create a separate folder for them, and sort them by date.

Take minutes of all investment decisions

You should take minutes of all investment decisions, including:

  • why a particular investment was chosen
  • whether all trustees agreed with the decision.

This is because if you, as one of the fund’s trustees, invest the SMSF’s money in an investment that fails, the other trustees could take action against you for failing to be diligent in your duties.

However, if your investment decision was recorded in meeting minutes signed by the other trustees, you will have a record to show that they agreed with your actions.

Signature requirements for financial statements

Under Australia’s super laws, SMSF trustees must sign their SMSF’s financial statements before finalising their annual audit. This includes an operating statement and a statement of financial position which must be signed by the required number of trustees or directors of the corporate trustee.

Minimum record-keeping requirements

The most important reason for keeping good records is that it’s a legal requirement for you to do so. You may also need to provide accurate records to us if we ask to see them.

You need to keep any SMSF records for a minimum of 5 years.

Despite what you may have heard or read elsewhere, you cannot access your super before you retire unless you meet one of the very few exceptions to this fundamental rule of super law. Read more »

CONTACT ALLAN HALL SUPERANNUATION

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computer security

Enhancing cybersecurity with MFA

Posted on | by Allan Hall

Adopting a multi-factor authentication (MFA) strategy

With technology advancing, it has become easier for hackers to gain access to our personal data.

In the past, passwords were considered the best line of defence against cybercriminals, but times have changed.

That’s why adding an extra layer of security to your online accounts is essential, not just for your information, but for your customer information too.

That’s where multi-factor authentication (MFA) comes in.

MFA is a security measure that combines two or more ways to prove your identity to allow access to an account. By doing this, it makes it much harder for cybercriminals to steal or compromise your credentials. MFA types include:

  • something you know such as a password, PIN or response to a challenge like naming the first street you lived in
  • something you have such as a physical token, smart card or an SMS sent to your phone containing a code
  • Something you are for example a fingerprint, facial recognition or iris scan.

Cybercriminals may still get their hands on your password, but they will need your biometrics or a code to fully unlock your account. While MFA is not available for every online account, it’s becoming a more widely-applied way to verify your identity. Banks, social media platforms and software providers are adopting this measure to protect their users’ information.

Enabling MFA on your email accounts and computer software, especially if working remotely, is crucial. Adopting this practice in a work capacity strengthens the protection of your systems and sensitive information.

Implementing this strategy, alongside the other cybersecurity best practices, gives your systems a greater line of defence in the event of a cyber incident. By taking proactive steps to secure your online accounts, you can help safeguard your personal information and that of your customers. So, take the time to set up MFA on your accounts and enjoy the peace of mind that comes with knowing your information is secure or visit the ACSC website to find out more about implementing your MFA strategy.

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computer security

Make cybersecurity a priority for 2023

Posted on | by Allan Hall

Recent cyber-attacks have shown how important it is to have robust cybersecurity practices in place to protect both your business and customer information.

The Australian Cyber Security Centre’s essential 8 strategies provide guidance on how you can create a baseline of protection against cyber incidents.

Their first topic covers application controls. 

Application control strategy

Put simply, application control involves you putting together a list of computer apps and/or downloadable programs that are ‘authorised’ as being legitimate and safe to use.

You then add these authorised apps to your computer’s application control feature. These features act as your computer’s security guard, ensuring that you can only download and use the approved list of apps that can be on your computer.

Doing this can minimise the risk of malicious code (also known as malware) being downloaded onto your systems, which can then disrupt, damage or even gain unauthorised access to your computer systems.

It’s important that you regularly review the list of approved apps and remove any you no longer need. It’s also crucial that you test the application control to make sure it works. Simply try and download an app that isn’t on your authorised list and make sure your system blocks the download.

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