Scams targeting ASIC customers

Beware – scammers pretending to be from ASIC have been contacting Registry customers asking them to pay fees and give personal information to renew their business or company name.

These emails often have a link that provides an invoice with fake payment details or infects your computer with malware if you click the link.

Warning signs the email is not from ASIC

An email is probably a scam and is not from ASIC if it asks you:

  • to make a payment over the phone, or
  • to make a payment to receive a refund, or
  • for your credit card or bank details directly by email or phone.

To help protect yourself:

  • keep your anti-virus software up to date, and
  • be wary of emails that don’t address you by name or misspell your details and have unknown attachments, and
  • don’t click any links on a suspicious email.

If in doubt, do not click on any links & contact our office immediately to confirm or deny any suspicious emails.


A comprehensive package of reforms for all company directors!

The Turnbull Government is taking action to crack down on illegal phoenixing activity that costs the economy up to $3.2 billion per year to ensure those involved face tougher penalties.

Phoenixing – the stripping and transfer of assets from one company to another by individuals or entities to avoid paying liabilities – has been a problem for successive governments over many decades. It hurts all Australians, including employees, creditors, competing businesses and taxpayers.

The Government’s comprehensive package of reforms will include the introduction of a Director Identification Number (DIN) and a range of other measures to both deter and penalise phoenix activity.

The DIN will identify directors with a unique number, but it will be much more than just a number. The DIN will interface with other government agencies and databases to allow regulators to map the relationships between individuals and entities and individuals and other people.

In addition to the DIN, the Government will consult on implementing a range of other measures to deter and disrupt the core behaviors of phoenix operators, including non-directors such as facilitators and advisers. These include:

Stronger powers for the ATO to recover a security deposit from suspected phoenix operators, which can be used to cover outstanding tax liabilities, should they arise;

Making directors personally liable for GST liabilities as part of extended director penalty provisions;

Preventing directors from backdating their resignations to avoid personal liability or from resigning and leaving a company with no directors; and

Prohibiting related entities to the phoenix operator from appointing a liquidator.

There are some big changes possibly coming here with all company directors & we at Financially Sorted will certainly keep you updated.


Things to Look for When Opening a Bank Account

At some point in life, everyone needs to choose a bank to house their money.  Whether you are new to banking, or feel the need to make a change, there are many factors to consider.   There is no one right bank account for every person.

Here a few general tips that you may like to consider:

  1. Fees – you should be able to find an account that does not charge you any fees for basic account transactions. Examples of fees to avoid include monthly fees and fees for account assistance (talking to a representative)
  1. Ease of deposit – even in this age of direct deposit, everyone has an occasional need to deposit. Consider how often you might want to deposit cash, and how that would happen.
  1. ATM fees – if you use your ATM card frequently, consider the fees your bank does or does not charge for ATM usage.
  1. Interest rates – the interest rates you receive on your money on deposit with the bank, and the rates you pay when borrowing via credit card or loan. Ideally, you will find an account that pays higher-than-average interest on your deposits and charges lower-than-average interest on your debts.
  1. Online banking features – do you like to use online bill pay? Choose an account where it is free.  Need to transfer money to others regularly? Make sure your bank is equipped to process those transactions quickly and easily.
  1. Minimum balance requirements – some accounts require you to maintain a minimum balance before they begin charging account fees.  Make sure any minimum balance requirement is something that you can comfortably afford.
  1. Branch availability – think about your needs and wants and see if this important to you.
  1. Customer service. – when you have a problem or question, the last thing you want is to sit on hold, or get a customer service representative who is unhelpful or not nice. Ask around to find out what banks make your friends happy!

With a little consideration for your banking habits and needs, you can find the right bank account at the right price. Talk to us at Financially Sorted to help!

For Your Calendar…

  • 21 Oct Lodge and pay September 2017 monthly activity statement.
  • 28 Oct Lodge and pay quarter 1, 2017–18 activity statement.Make super guarantee contributions for quarter 1, 2017–18 to funds by this date.Lodge and pay annual activity statement for TFN withholding for closely held trusts where a trustee withheld amounts from payments to beneficiaries during the 2016–17 income year.
  • 31 Oct Lodge tax returns for all entities if one or more prior year returns were outstanding as at 30 June 2017.Lodge and pay Self-managed superannuation fund annual return(NAT 71226) for (taxable and non-taxable) new registrant SMSF if we have advised the SMSF that the first year return has a 31 October 2017 due date.