scams

Heard of the Notifiable Data Breaches scheme? If not, you soon will

Heard of the Notifiable Data Breaches scheme? The passage of the Privacy Amendment (Notifiable Data Breaches) Act 2017 established the Notifiable Data Breaches (NDB) scheme in Australia. The NDB scheme applies to all agencies and organisations with existing personal information security obligations under the Australian Privacy Act 1988, and is set to take effect from

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ATO continues to educate taxpayers about scams

The ATO has committed to an ongoing strategic communication approach to educate taxpayers on how to protect themselves against tax scams and identity theft. It says it is also aiming to raise awareness on how people can reach out to it for support should they become victims of a scam. In early 2017 the ATO’s

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Super schemes: If in doubt, check it out

The ATO says about super schemes, if in doubt, check it out. The ATO says it has seen an increase in aggressive tax planning schemes targeting retirement savings, at a time when more than one third of Australians are approaching retirement and are looking at ways to maximise their retirement assets and income. Super schemes doubt

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Survey reveals huge surge in number and value of frauds

The latest in a series of six-monthly reports from KPMG has revealed a huge jump in the occurrence and financial value of frauds. Its “Fraud Barometer” showed that over the six month period to March this year, 116 frauds were committed, with a value of $381.1 million (that is, an average of $3.3 million per

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SMSFs, tempted by higher yields, should read this report first

SMSFs, tempted by higher yields, should read this report first. Trustees, in the scramble for yield in a lower interest rate environment, would be well advised to read the Australian Competition and Consumer Commission’s (ACCC) seventh annual report on scams activity. By far the most concerning trend in the ACCC’s data related to investment scams,

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