Blog
Significant changes to the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 are currently being phased in.
Money laundering is the process of dealing in, disguising or concealing the origin of illicit funds to make it appear that the funds come from a legitimate source.
The ATO is a partner agency with AUSTRAC. The ATO uses data to detect fraud, evasion, and other financial crimes.
AUSTRAC is responsible for preventing, detecting and responding to criminal abuse of the financial system to protect the community from serious and organised crime.
Expanded coverage (Tranche 2) from July 1, 2026, the law will extend to Tranche 2 entities including accountants, lawyers, real estate agents and conveyancers and dealers in precious metal/stones.
This means the above professional services will need to comply with requests for information from AUSTRAC and meet its legal responsibilities.
Blackburn Accounting is diligent in providing its range of services and looks forward to working within ATO rules to best serve its clients' interests and obligations.
Worth repeating, the importance of factoring in the true costs of doing business, particularly amid a time of ever-increasing Business expenses.
Be aware that trying to absorb the costs of rising interest rates, fuel shortages, and out-of-control inflationary pressures can leave you financially disadvantaged and cash-strapped.
Tips:
-
Regularly check the cost of goods, products, and services to determine realistic profit margins and set prices neither too low or too high.
-
Pricing points are needed to keep you competitive and, in the red.
-
Communicate and be transparent with your customers, offer value for money, and they will keep coming back.
-
Ignoring, putting it aside or thinking or assuming ‘someone’ will step up or in to take-over the reins is fraught with problems. This can result in family and Business breakdown and breakups that often end in financial and emotional disaster for all concerned.
-
Solution - Start planning early.
-
Promises, scribbled notes, and handshakes are not enough.
-
Solution - Seek legal advice and services as needed. Ensure your wishes are clear, comprehensive, feasible, legally binding, commercially sound and are kept up to date. This helps protect everyone and everything.
Proverb: the fastest doesn't always win the race, nor does being the loudest voice in the room necessarily mean respected authority!
Have you experienced this loudest voice? The Leader who never stops talking, has an opinion and controls every conversation, dominating the meeting agenda. This showmanship is tedious, tiresome, and boring.
Enter the ‘quiet’ Leader. This Leader leads without fanfare or fuss, doesn't have to control every discussion or speak the loudest to be heard or followed. Respect is gained by quiet reserve, not the focus, bellowing instructions, and hogging the conversation.
As modern workplaces become more fast-paced, challenging and complex, the Quiet Leader is finding their place providing reflective and thoughtful leadership. Leadership is not about how often someone speaks; a key strength is knowing when not to speak!
Is this you?
6 Key Characteristics, Traits and Attributes of a Quiet Leader
-
Leading by example: Authenticity, demonstrating values through presence, and action, acting as a stabilising force rather than the centre of attention. They signal authority before speaking through non-verbal communication, and subtle cues that communicate composure and authority without dominating the room or conversation.
More specifically, navigating uncertain economic times!
As the conversations become more despairing with talk of continuing economic turmoil, rising inflation and a looming potential recession, it’s easy to become bogged down in a doom and gloom mentality. This can soon fester into negative market paralysis, with consumers and investors pulling back! It’s created a volatile situation for everyone!
But there are ways forward. If you are a small Business owner now is a good time to take a deep breath of optimism, get off the back foot and seek ways to counter these challenging events. This doesn't mean putting on rose-coloured glasses, being overly optimistic or ignoring the facts.
7 Key strategies include:
1. Take Stock – of product inventory, premises and include a Business entity assessment. Is the model best serving your interests? Are there product lines or services that are underperforming? What are the best sellers, or popular items?
Additionally, are you prepared? As shoppers start to stockpile their pantries, if you are affected, do you have extra stock on hand?
2. Customer care – make your customers the centre of attention. Focus on existing clients to maintain revenue and reward them with loyalty and other add-value incentives. Provide service excellence with a smile, delivered by enthusiastic and well-trained staff. Create a friendly, welcoming vibe and encourage, take, and listen to customer feedback.
3. Financial resilience – It's all about the bottom line!
Your Accounting Partner
Your Management Accounting Partner
Your Expansion Engineer
Your Special Projects Partner