Building Healthy Financial Habits

In close to 57 years, I have received a lot of advice from many sources. Starting from my parents, my friends, community members, work colleagues, mentors across these fields as well as my clients. Below are a few that stand out. Some of which I live by, some I need to take more notice of. 1. Treat others as you would like to be treated. If you can be anything in this world, be kind. 2. It is never as bad as you think and its never as good as you think. 3. If it sounds too good to be true it usually is. 4. If you have bad news to deliver, get it over and done with. The longer you wait the harder it will be to deal with for you and the recipient. 5. It is impossible to know everything. If you are stuck, ask for advice, decent people will always help. 6. Comparison is the thief of joy. 7. If you want to learn something, surround yourself with people who see things differently than you. Collaboration is a great problem solver. 8. Borrowing to invest magnifies your result. If it is a crap investment, you will lose more by borrowing. If it is a great investment, you will get a great return in the long run. 9. Understand the importance of community and contributing to community groups. Volunteering and doing things for others provides immeasurable rewards. 10. Investing in anything (bank deposits, shares, property) all involves risk – the secret is to understand the risk you are dealing with. 11. Making mistakes is part of life, just get better at not making the same mistake twice. 12. Every investment needs to pass a “sleep at night” test. If you cannot sleep at night, do not invest in it. This test is different for every individual. 13. If you have a “bucket list” of things you want to do – tell others! Telling others will massively increase the chances of you achieving your bucket list items, because people will want to help you with your list. 14. Compounding investment returns are the eighth wonder of the world. 15. Measure your progress, it is OK to count your money. 16. Experience the thrill and energy of live music! 17. The only way to grow is by putting yourself in unfamiliar and uncomfortable situations. 18. The best time to invest is yesterday. 19. Be curious, it is amazing what you might find out. 20. Invest regularly, automatically and for the long-term, it pays off big time! 21. The best investment you can make is investing time and money with the people that mean the most to you. Invest in meals, get togethers, laughter, weekends with special friends and family – there is nothing like it!

In today’s digital world, scams are becoming increasingly sophisticated and widespread. As accounting professionals, we see firsthand how scams can impact businesses and individuals, from identity theft to fraudulent invoices. It’s more important than ever to stay vigilant and take proactive steps to protect your finances and sensitive information. Common Scams Targeting Australian Businesses Phishing Emails: These are emails that appear to be from legitimate organisations, such as the ATO or your bank, asking you to click a link or provide sensitive information. Invoice Scams: Fake invoices are sent, often with subtle changes to the payee details. Business Email Compromise: Cybercriminals hack email accounts and impersonate executives or suppliers, requesting urgent payments or confidential data. Tax Scams: Fraudsters pose as the Australian Taxation Office, demanding payment, threatening legal action, requesting changes be made to your MyGov account. Warning Signs to Watch Out For Scammers are crafty, but there are tell-tale signs to help you spot a dodgy approach: Unexpected requests for payment or personal information Spelling and grammar mistakes in emails or messages Unusual urgency or pressure to act quickly Inconsistencies in email addresses or payment details Requests to transfer funds to unfamiliar accounts How to Protect Yourself and Your Business Verify Before You Pay: Always double-check invoice details and payment requests, especially if they’re unexpected. Get on the phone and confirm with the supplier directly. Educate Your Team: Make sure your staff know the risks and signs of scams. Hold regular training sessions and circulate updates about new scam tactics. Use Strong Passwords: Ensure all accounts use strong, unique passwords. Consider multi-factor authentication for extra security. Update Software Regularly: Keep your systems and antivirus software up to date to patch vulnerabilities. Secure Your Data: Back up important files and restrict access to sensitive information only to those who need it. Report Suspicious Activity: If you suspect a scam, contact the ACCC’s Scamwatch or your bank straight away. Early reporting can help prevent further losses.  What To Do If You’ve Been Scammed If your business falls victim to a scam, don’t panic. Immediately contact your bank, the police, and your accountant. Preserve any evidence and report the incident to Scamwatch (www.scamwatch.gov.au). Quick action is key to minimising potential harm.

How to Process Payday Super in MYOB & Xero From 1 July 2026, employers are required to pay superannuation at the same time employees are paid. To avoid ATO penalties, super contributions must generally be received by the employee’s super fund within 7 business days of payday. If you use MYOB or Xero payroll, the process is straightforward, but it is important to submit and authorise super payments as soon as possible after each pay run. Processing Payday Super in MYOB Super is processed directly through MYOB. The super amounts will prefill based on the pay runs processed. To process and authorise super in MYOB: In MYOB, go to ‘Payroll’ then click ‘Super payments’ It will ask you to ‘login’, click login Click the green ‘create super payment’ button in the top right corner Select all super payments (these should all be from the pay run just processed), and click ‘record’ Click ‘yes’ and continue to authorise payment Click ‘authorise’ Click ‘get code’ which will send an SMS to the authorised mobile number Enter the code into the ‘authorisation code’ field and click ‘authorise’ The ‘Success!’ message should appear, and the status updated to ‘processing’ Once the payment is processing, you do not need to do anything else, the super payment will be automatically direct debited from your nominated bank account. Processing Payday Super in Xero Super is processed directly through Xero. The super amounts will prefill based on the pay runs processed. To process and authorise super in Xero: In Xero, go to ‘payroll’ then click ‘superannuation’ Click ‘add super payment’ or click into the box ‘X unpaid contributions’ Select the super payments (if multiple, then select all) Click ‘submit for approval’ on the right-hand side Click ‘continue to approve’ Enter the SMS authorisation code sent to your phone, then click ‘verify and pay’ Once approved and verified, the batch status updates to ‘processing’ Once the payment is processing, you do not need to do anything else, the super payment will be automatically direct debited from your nominated bank account. Need assistance with Payday Super? If you’re unsure whether your payroll setup is ready for these requirements, contact your accountant. We can help review your payroll processes and ensure super payments are being processed correctly and on time.

How long can you chase a debt? Unpaid debts are a fact of life in business. But there is a limit on how long you can legally recover them — and it’s something that often gets overlooked until it’s too late. So, how long do you actually have? The short answer In most cases (including Victoria), you’ve got 6 years to take legal action to recover a debt. After that, the debt becomes what’s called “statute-barred.” That doesn’t mean it disappears, but it does mean: you can’t enforce it through the courts, and your leverage to recover it drops significantly It’s not always a straight 6 years Here’s where it gets tricky. The 6-year clock doesn’t just run and expire, it can reset. If the debtor: makes a payment (even a small one), or acknowledges the debt in writing the clock starts again from that date. We see this a lot with older debtor balances that have had small, sporadic payments over time. A few quick exceptions Just to round things out: Court judgment? You may have up to 12–15 years to enforce it Secured debts (e.g. property)? Usually longer again ATO debts? Different rules entirely, they don’t follow the same 6-year limit Practical tips for managing old debts This is where it really matters for business owners. If you’ve got older receivables sitting there, here are a few simple checks: 1. Know the age of your debts Don’t just look at the balance, look at when it was last paid or acknowledged That’s what determines your real timeframe. 2. Don’t leave recovery too long If a debt is getting close to 6 years: consider escalating it earlier or making a call on whether it’s worth pursuing Waiting too long can remove your legal options completely. 3. Be careful with partial payments Even a small payment: can restart the 6-year clock which can work in your favour (or against you) 4. Clean up your books regularly Old debts sitting on the balance sheet can: overstate your financial position create tax complications Regular reviews help you decide whether to recover, write off, or formally deal with them. The takeaway As a rule of thumb: 6 years is your window for most debts but the timing isn’t always obvious and small actions can reset the clock If you’ve got older debts sitting there and aren’t sure where they stand, it’s worth reviewing them sooner rather than later, a quick check now can save you losing the ability to recover them altogether.