StewartBrown Chartered Accounting Firm

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Security Alert: BSB & Account Number Changes

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Scam Alert

If you are ever asked to change or update a BSB and Account number as a result of an email received from a supplier or known associate, it is critical that you verbally validate this request as well.

Reports to the Australian Competition and Consumer Commission (ACCC) and Australian Cybercrime Online Reporting Network (ACORN) about scams of this sort have exposed over $22.1 million in funds being transferred from businesses to scammer accounts during 2017.

Our top tips to avoid incurring financial loss to scammers are:

  1. Always verbally check the BSB and Account number changes using a trusted phone number. Confirming a change via email is not a secure method of validation.
  2. Scammers often pose as executive staff members to direct employees to make urgent payments. Once again, always verbally validate these requests using a trusted phone number.
  3. If you are unable to contact the requestor, contact the recipient bank to confirm if the BSB and Account number match the name on the account.

For more information on how to protect your business speak to your StewartBrown Partner of Manager and/or contact your bank.

This threat is real and should not be taken lightly! A client of our firm recently experienced this scam and unfortunately lost out financially because of it. Be vigilant and train your staff to be on the alert.

Employer Financial Subsidies Available - Check Your Eligibility

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Employer Subsidies

A wage subsidy is a financial incentive of up to $10,000 (GST inclusive) to help eligible businesses hire new staff.

Employers can access a wage subsidy if they:

  • have an Australian Business Number (ABN)
  • have not previously received a wage subsidy for the same person
  • are not an Australian, state or territory government agency
  • offer a job that is expected to be ongoing and for an average of 20 hours per week over the six months of the wage subsidy agreement
  • offer a job that complies with employment standards for the position - for example, is suitable work and pays as a minimum the national award wage.

Employers can access a wage subsidy if they:

  • work that displaces an existing employee
  • commission-based, subcontracting or self-employment positions and
  • work for an immediate family member.

Employment service providers will make flexible payments to eligible employers over six months. Employees who are Indigenous Australians have immediate access to wage subsidies of up to $10,000 if all eligibility requirements are met. The following table summarises what subsidies are available to employers:

Wage subsidy type Eligible age range Subsidy available
Restart 50 years of age and over Up to $10,000
Youth Bonus 15-24 years of age Up to $10,000
Youth 25-29 years of age Up to $6,500
Parents Any age Up to $6,500
Long Term Unemployed Any age Up to $6,500

Wage subsidies are available to eligible participants in jobactive, Transition to Work (TtW) and ParentsNext Intensive Streams. The Restart Wage Subsidy is also available to participants in Disability Employment Services (DES) and the Community Development Programme (CDP).

All wage subsidy placements must average at least 20 hours per week over the 26 week wage subsidy period. Employment must also comply with National Employment Standards.

Jobs can be full time, part time or casual. Apprenticeships and traineeships are also eligible to attract a wage subsidy.

Each wage subsidy is targeted to assist those who need it most. Please talk to an employment services provider to check your eligibility. A list of employment services providers can be found at: www.jobsearch.gov.au/service-providers or by calling the Jobseeker Hotline on 13 62 68 or the National Customer Service Line on 1800 805 260.

June 2018 Aged Care Sector Reports Released

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The StewartBrown June 2018 Aged Care Financial Performance Survey (ACFPS) incorporates detailed financial and supporting data from over 974 residential aged care facilities and over 24,952 home care packages across Australia. The quarterly survey is the largest benchmark within the aged care sector and provides an invaluable insight into the trends and drivers of financial performance at the sector level and at the facility or program level.

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Royal Commission into Aged Care Quality and Safety

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Aged Care

On 16 September the Prime Minister announced the establishment of a Royal Commission into the aged care sector. Consultation is underway until 25 September to develop the Terms of Reference, which the Government anticipates will include:

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2018 Financial Year Listed Aged Care providers analysis report

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Overall, the financial results reflect the sector trends of pressure on revenue due to the FY18 freeze on ACFI indexation and ACFI scoring changes; occupancy pressures; and increases in staff costs.

As in prior periods, Estia and Regis both have a net tangible liability which is due to the fact the intangible assets are greater than the net tangible assets.

The ratio of liquid cash assets as a percentage of debt has decreased for all three providers due to the lower levels of cash and cash equivalents held.

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Sydney Office

StewartBrown
ABN: 63 271 338 023
Level 2, Tower 1,
495 Victoria Avenue

Chatswood, NSW, 2067
Tel: (02) 9412 3033
Fax: (02) 9411 3242
info@stewartbrown.com.au


StewartBrown Advisory Pty Ltd
ABN: 19 143 011 750
AFSL: 355134
Level 2, Tower 1,
495 Victoria Avenue

Chatswood, NSW, 2067
Tel: (02) 9412 3033
Fax: (02) 9413 4202
info@stewartbrown.com.au

Adelaide Office

StewartBrown
ABN: 63 271 338 023
Level 1,
104 Frome Street

Adelaide, SA, 5000
Tel: (08) 8229 2280
Fax: (08) 8229 2288
info@stewartbrown.com.au

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