About Angus Jones

Angus started his first small business in 1989 and has since gone on to have a successful career in marketing. He realised although there were many websites for small business none was addressing the question of how to. Angus has a passion to articulate benefits that add value to customers/readers.

EPOS IMPACT 1061 ANC review

Noise-cancelling headphones are no longer just for call centres. Our new world is filled with video calls, open-plan offices or working from home. Noise cancellation has become more important than ever before. We look at the latest high-end business headsets, the EPOS IMPACT 1061 review.

What is an EPOS IPACT 1000?

The 1000 series from EPOS lets you choose between a single or double-sided (ear) headset, whether noise cancellation is a feature (ANC), which applications you will use, Microsoft Teams or Unified Communication, and if you require the charging stand.

EPOS IMPACT 1061

The EPOS IMPACT 1061 is a high-end wireless headset designed for professionals who must make clear calls and collaborate effectively in noisy environments. It features active noise cancellation (ANC), a high-quality microphone, and a comfortable design.

The ANC effectively blocks background noise, such as traffic, construction, and office chatter. This allows you to focus on your calls and meetings without being interrupted. The microphone is also excellent, with clear sound quality and good noise suppression. This makes it ideal for video conferencing and online meetings.

The IMPACT 1000 is comfortable to wear for long periods. The ear cups are padded with memory foam, and the headband is adjustable. The headset also has a sleek and stylish design.

 In addition to ANC and a good microphone, the IMPACT 1061 also offers several other features, such as:
  • Triple Bluetooth connectivity: Connect to up to three devices simultaneously to easily switch between calls and music.
  • Wireless charging: The headset has an optional wireless charging stand, so you can easily top up the battery without plugging it in. Unlike some other models available, this stand does not have any wireless capabilities for enhanced connection.
  • Long battery life: The headset can last up to 30 hours on a single charge.
  • Durable build quality: The headset is made from high-quality materials and is designed to withstand everyday use.
The IMPACT 1061 is also compatible with the EPOS Connect App, which offers several additional features, such as:
  • Active noise cancellation (ANC) presets: Choose from various ANC presets to optimize the noise cancellation for your environment.
  • Sidetone: Adjust the sidetone level to hear your voice in the headset.
  • Equalizer: Adjust the EQ settings to customize the sound profile.

WHY should you buy wireless noise-cancelling headsets?

EPOS markets these headsets with a feature called BrainAdapt. Put simply, this is just a fancy name for noise cancellation. The theory is that reducing the amount of background noise makes it easier for your brain to concentrate. We are massive fans of noise cancellation. More commonly called ANC or Adaptive Noise Cancellation.

These EPOS headphones not only reduce background noise for the wearer but also reduce background noise entering the microphone. Hence, the person at the other end also has an enhanced experience.

The result is both parties can clearly hear one another, and the conversation is easy to understand.

What is in the Box?

In the 1061 T ANC box, you will find the headset, a soft carry pouch, a USB Bluetooth dongle, a 1.2m USB cable and a wireless charging stand.

The getting started instructions are written on the inside of the box, which is clever.

Some additional features of the headset:

  • The ear cups are made of soft leatherette and are well-padded, providing a comfortable fit.
  • The headband is also padded and adjustable, so you can find the perfect fit.
  • The microphone is on a flexible boom arm, so you can position it in the best spot for your voice.
  • The headset has a touch-sensitive control panel on the right ear cup. This panel lets you answer calls, control music playback, and adjust the volume.
  • The headset comes with a carrying case and a wireless charging stand.

Prices for the EPOS IMPACT 1000 series start at $485 for single-sided headphone and $659 for double-sided headphones with ANC to the top of the line with a charging stand for $735. The included warranty is 2 years.

Using the IMPACT 1061 headset

My go-to test for any headset I test is walking the street while calling my mother on a telephone call. This is the ultimate test for both parties to see the effects of cars, trucks, construction, lawnmowers, etc. I am pleased to share that these headsets deliver and have the best ANC for the user and recipient I have ever tested. This is key because it really is the point of these headsets and also goes a long way to justify their top-end price tag.

These headsets are also designed to be worn all day, so they must be comfortable and not give you a headache from pushing on your head. The microphone must also not be intrusive. Everyone’s head is different, but I found these headsets to be very comfortable. The button on the bottom of the left earphone (The microphone is normally on your right) allows you to easily enable talk-through mode, allowing conversation without removing the headphones. I also found that taking my glasses on and off was not burdened at all by the headphones.

The 30m quoted Bluetooth range is more than enough. I could comfortably walk around all parts of my house whilst maintaining a call.

Our Take EPOS 1061 ANC headset review

The EPOS IMPACT 1061 is a great choice for professionals who need a high-quality wireless headset with ANC. It is comfortable to wear, has a good microphone, and offers several useful features. However, it is also pricey, so it may not be the best choice for everyone.

These headphones have really got noise cancellation right and are just as effective at removing yelling children as workmates.

Also read our guide on buying headsets for business

TikTok Thrive Roadshow

Everyday more than 350,000 businesses use TikTok to connect with new customers and grow their business. To help support them on this journey TikTok launched the TikTok Thrive Roadshow in partnership with Afterpay. Visiting Melbourne and Sydney, the events offered attendees essential guidance on digital marketing, content creation, and business strategy to empower small and medium-sized businesses on TikTok to thrive and grow. The events attracted a diverse range of businesses, with more than 400 attending both events, including well-known names such as Frank Green, Chefs & Dogs, Edgars Mission, Beysis, and Esmio Australia.

During the event, small business operators and owners had the opportunity to gain invaluable insights from TikTok experts, industry professionals, and accomplished SMB owners who have achieved significant business growth and success through the platform. Founders from Beysis, Esmio Australia, and Chefs & Dogs, shared their expertise, whilst addressing pressing questions about harnessing viral success, transforming customer feedback into product solutions, and how to grow a prosperous business utilising TikTok.

TikTok AUNZ General Manager, Global Business Solutions, Brett Armstrong said, “With a thriving community of more than 350,000 businesses on our platform, we’ve witnessed the impactful role TikTok plays for businesses of all sizes throughout Australia. We trust that the Thrive Roadshows have provided business owners with valuable insights into sustaining success on our platform, as we remain committed to enabling them to succeed and dream big!.”

Joel Moran – Marketing Director, Brand, Growth and Product Marketing added, “Afterpay has always been committed to empowering businesses of all sizes for success. We know the importance of understanding and seizing the opportunities digital platforms offer, and we’re always looking for ways to help our merchants achieve success. TikTok is continuing to grow as an incredible platform for business visibility and success. By partnering with TikTok for the TikTok Thrive Roadshow, we’re excited to be supporting a roadshow of knowledge sharing that will benefit Australian businesses of all sizes.”

TikTok Thrive Roadshow is part of TikTok For Business’s continued commitment to provide inspiration, tools and solutions that allow businesses to take their TikTok journey to the next level.

Localsearch small business grant

Marketing presence provider, Localsearch is celebrating 30 years of working together with Australian small businesses by giving back a total digital presence package of $30,000 to SMBs who may have been doing it tough lately. 

With three decades of experience, and 28,000 Australian small businesses on their books while providing free support to a further 300,000, Localsearch is on the lookout for Australia’s standout, up-and-coming partners that are looking to make a mark on Australia’s SMB industry. Whether they are a hairdresser, a mechanic or creator of Australian handcrafts, Localsearch wants to hear from these mum-and-dad businesses and boost their digital presence. 

Daniel Stoten, Executive Chairman of Localsearch, said at the Localsearch 30th Anniversary event, “Three decades is simultaneously an achievement but also a moment to reflect. To be proud of what we have done and strive towards what we can do more. Looking back, Localsearch was originally in an industry that no longer exists, and today we’re in an industry that wasn’t in existence 30 years ago. We remain committed to being the very best digital presence partner we can be, making digital marketing damn easy for tens of thousands of small businesses across the country.”

Localsearch will welcome submissions from their network, searching for and awarding 10 standout Localsearch partners across Australia a comprehensive promotion package valued at $3,000 AUD to amplify their presence and showcase their work to the nation. Celebrating the milestone birthday together, the package can be used on products such as Google Ads, Meta Advertising etc. 

Daniel continues, “Small businesses are the backbone of our Australian economy. These businesses create jobs, contribute to economic growth, and provide unique and personalised services that larger corporations often cannot match. We are excited to spotlight some of Australia’s standout, promising and up-and-coming small businesses to the nation and celebrate 30 years of small business.”

Businesses are invited to submit their pitch to be considered here.

Applications will close on the 13th of September.

GoTo Contact Center with AI Chat Analysis

GoTo has rolled out AI Chat Analysis, an AI-powered sentiment analysis and chat summary function within GoTo Connect’s Contact Center. This new optional feature will expand the level of data-driven insight available to customer service supervisors and analysts, resulting in a better understanding of customer interactions.

Following each customer conversation, a positive, negative, or neutral sentiment analysis score will be given, providing insight into the customer emotion within interactions. Additionally, a summary of the customer conversation is generated using AI, enabling supervisors to identify challenges or coaching opportunities for agents without needing to read the entire conversation.

“In a year when innovation and AI seem to go hand in hand, businesses continue to navigate how they, too, can take full advantage of the increased efficiencies AI can provide. Within the broad area of AI, Large Language Models (LLMs) like OpenAI’s ChatGPT have played an outsized role in changing the game for businesses across almost any industry, offering up time-saving solutions and more advanced comprehension than ever seen before,” said Damon Covey, Head of Product, GoTo.

“These AI-powered advancements will not only save customer service personnel time, but also will provide insights to improve the customer experience,” stated Covey.

“The addition of the AI chat analysis is something that excites us very much, and we look forward to seeing how GoTo will continue to leverage AI in the future,” said Marouane Rouicheq, Managing Director, NativUC, and partner of GoTo. 

“As GoTo’s Top Contact Centre Partner award recipient for 2022, we have been prodigiously recommending GoTo Contact Center to our customers, and this innovation to access data and insights to augment customer success practices will only make it a more enticing offering for us to share”, he said.

Earlier this year, GoTo announced optional AI functionality for both GoTo Connect and GoTo Resolve, each leveraging OpenAI-based technology. GoTo aims to continue advancing its AI capabilities and is excited to announce the next phase of that growth.

CSIRO’s Australia’s AI ecosystem momentum report found 56 per cent of AI providers believe the AI industry has the necessary expertise to deliver positive outcomes for Australian businesses, and 60 per cent of respondents indicated they are accelerating and expanding their AI-related solution offerings to meet market demand.

“With the opportunity for different pathways of innovation, we can expect to see organisations utilise AI to distinguish themselves within their markets to gain a competitive edge. AI will help organisations become more agile in responding to emerging opportunities, allowing them to develop a deeper understanding of their customers’ needs, wants, and sentiments. This, in turn, will enable them to create a highly personalised experience that sets them apart”, said Andrew Kernebone, APAC Head of Presales, GoTo.

What’s on the horizon for GoTo:

New AI-powered self-service features for GoTo Resolve are currently in beta and expected to be rolled out to customers in the next three months. These new capabilities will enable end users to troubleshoot and find answers to IT questions using natural language, regardless of their complexity, without the need to connect to a support agent.    

“With the right approach, AI can be a valuable asset to businesses, and complementary to human IT and customer support teams. GoTo’s aim is always to help businesses get their work done more efficiently and increase their productivity. Exploring evolving AI technologies and adding even more AI to power our already seamless products helps us to do just that,” said Damon Covey.

Save with CBA benefits finder

Small and medium sized business owners are taking advantage of Commonwealth Bank’s unique Benefits finder tool to find ways to offset rising cost of living pressures, develop skills or explore new opportunities.

New figures show businesses are turning to CBA’s Benefits finder to explore options for rebates and concessions relating to wages, staffing and rising business costs, but also to find support for training or new business opportunities.

Businesses were connected to almost 18,000 claim opportunities, through Benefits finder in the 2023 financial year (July 1 2022 to June 30 2023), for benefits worth around $36.9 million. The majority of claims initiated through Benefits finder related to support for wages and employment, followed by training and business development.

Business customers have been connected to more than 44,000 claims, worth more than $105 million in benefits, since the digital tool was launched for businesses in June 2021.

Almost 2000 business customers have also taken advantage of CBA and More Telecom’s discounted NBNTM, broadband, phone or mobile services, saving more than $566,000 since the offering was launched to businesses in June 2022. Commonwealth Bank Executive General Manager Small Business Banking Grant Cairns said business owners were exploring Benefits finder for a wide range of reasons, including to help them better manage cost of living pressures such as staff and labour, and rising business costs, but also to support their development and growth.

Credit risk management process

Whether you’re a long-time credit controller, a new business owner, or a seasoned finance manager, a clear, consistent credit risk management process is key to doing more business, with the right customers, and getting paid faster.

Benefits of a proper credit risk management process

An effective, well-designed credit risk management process will save you time, deliver your customers a better experience, increase employee satisfaction, support compliance with government regulations, protect your assets, and help secure your cash flow. With an efficient credit risk management process you can do away with the ambulances at the bottom of the credit cliff. Any issues should be quickly identified as they crop up, giving you the opportunity to proactively manage your risk exposure.

What does an ideal credit risk management process look like?

So, you’re sold on building a proper credit risk management process, but unsure of what one actually looks like. Underpinning an ideal credit risk management process is exactly that – a process. Map out all the steps a customer takes as they journey through your purchasing process. From everything they must do to become a customer, to the steps you take to collect repayment for the goods or services provided. Once you’ve written them all down, you should be able to group them into the following overarching customer relationship stages:

1. Onboarding

2. Account management

3. Receivables

Onboarding:

The goal of the onboarding stage of the journey is to ensure you start your relationship with customers with eyes wide open and having completed a thorough risk assessment. This stage is where you gather all the decision-making information you need to onboard them as a customer, complete a credit assessment and do due diligence checks. And, if successful, set the tone for the relationship going forward with appropriate credit terms.

This is also a key area impacting customer experience – fast, easy onboarding can make all the difference in creating the right tone for a productive, respectful relationship. Key onboarding steps include:

· Gathering customer information for credit applications

· Identity verification

· Credit history checking

· Reviewing payment default data

· PPSR check and registration

Account management:

Account management is like your ongoing homework. You’ve moved past the new customer honeymoon period and now your sales and marketing teams are likely working hard to keep them engaged and making repeat purchases.

This is the time where a strong credit risk management process comes into its own. Being proactive is the difference between a credit team that ticks the boxes and one that is gold standard. Proactive monitoring of your customers so you’re aware of real-time changes in a customer’s creditworthiness or risk of default can have a significant impact on profitability and getting paid. Being agile here and acting on real-time knowledge is crucial – when a customer’s credit score changes, their credit limits or your credit policy should adjust with this. Core steps on your checklist here should include:

· Routine credit rating monitoring

· Setting up automated rules to be alerted when a customer’s risk profile changes

· Regular health checks of your credit portfolio

· Mitigating risk by amending credit terms as required

Accounts receivable:

Crunch time. If all has gone well, then the accounts receivable stage of the journey should be transactional – job completed, invoice sent, payment received. Unfortunately, for a variety of reasons this is often not the case.

However, strong credit risk management can go a long way to smoothing this part of the journey for both businesses and customers and ensure payment is collected in a timely manner. Building in automation to this part of the process can save you valuable time. Cash flow can be better protected with easy debtor prioritisation based on real-time debtor risk and trade payment insights. An ideal credit risk management process should include:

· An automated accounts receivable management system

· Debtor risk insights

· Trade payment insight

· Templated, consistent collections communications

How do you know if your credit risk management process is a good one?

There are clear signs that you have built, and are running, an effective credit risk management process:

ONE: Fast, easy onboarding

Having a good process will speed up new customer set-up. Doing business with you will be easy for customers using an online application form. And, with all the customer information you need to hand, you’ll complete due diligence faster. Customer credit decisions will be equally quick and easy, with your tools doing the hard work, making credit recommendations to you based on criteria you’ve previously set.

TWO: Real-time creditworthiness monitoring

A robust process will have automation baked in. Real-time alerts will let you know if a customer’s potential risks or probability of default has changed, or if an adverse event has been logged against them. Taking it one step further, the true value of this stage of the process is action. With real-time credit risk knowledge to hand, your credit terms will be adjusted as required to mitigate risk more effectively.

THREE: Minimal manual accounts receivables tasks

No sticky notes reminding you to call a customer on a particular date. A well designed, effective credit risk management process will reduce the amount of manual receivables tasks you are burdened with. Automation tools that form the foundation of your process will prioritise who you need to chase day to day. They’ll remove the juggle between systems with all financial information, customer contact information and communications history in one place. Chasing customers should be faster and only those extremely tricky debtors should require human intervention. Bottom-line, you’ll be getting paid faster.

How’s your process looking?

If you’ve read this article and have a few lingering questions about your own credit risk management process, now is the time to act. Not sure where to start? Map out your current process. Identify the areas that causes the most pain or are particularly hard for customers to navigate.

Some questions to ask yourself are:

· Do you use the PPS register?

· Can you quickly and accurately register assets on the PPS register?

· Are your customer application forms digital or paper?

· Have customers raised concerns or frustration with the steps they must complete to start trading with you?

· Are you automatically alerted to changes in customers’ financial situations?

· Do you have a consistent, automated accounts receivable process?

· Is chasing payment a series of time-consuming, manual tasks for you?

Contributed by Patrick Coghlan, CEO, CreditorWatch

Women’s pay increases falling behind

The women’s pay gap continues in Australia, according to a new survey of over 1,400 Australian workers conducted by leading HR and Payroll solutions provider ADP. The ADP® Research Institute’s People at Work 2023: A Global Workforce View, reveals that in Australia, women’s salary increases are failing to keep up with men’s – moreover, they anticipate a continuation of this trend in the year ahead.

According to the survey, Australian pay rises in the past 12 months averaged 5.7% for men, compared to only 4.4% for women. In the next 12 months, men expect to see their pay increase by an average of 6.3%, while women foresee an increase of just 5.2%. 

Not surprisingly, women are more inclined than men to perceive themselves as being underpaid for their work, with 60% of women expressing this belief, in comparison to 56% of their male counterparts.

Kylie Baullo, Managing Director ANZ at ADP, comments: “Despite the ongoing discussions regarding the gender pay gap, this data demonstrates that the disparity continues.

“This is particularly worrisome given the current economic challenges Australian workers are facing across all industries. People are grappling with genuine financial difficulties including in utility prices and interest rates, and it is disheartening that women are not being paid in a way that enables them to contribute equally to household expenses.

“With Equal Pay Day falling on 25 August, there is an opportunity for employers to assess any existing inconsistencies and inequalities in employee pay. In doing so, employers can create a more equitable work environment, enhance staff morale and engagement, retain talent and ultimately drive organisational success.”

Older Australian workers also believe they’ll be overlooked by their employers when it comes to pay rise and bonus awards in the year ahead. 

More than half (58%) of Australian Generation Zs (18-24-year-olds) expect to receive a pay rise in their current company in the next 12 months, compared to only 34% of those aged 55 and over. Similarly, 21% of Gen Z believe they’re in line for a bonus, compared to 16% of those approaching retirement age.

Mrs Baullo says, “Failing to recognise the value of experienced workers is likely to have long-term consequences. Overlooking these individuals may lead to the loss of vital knowledge and skills as they seek better pay and conditions elsewhere.”

People at Work 2023: A Global Workforce View explores employees’ attitudes towards the current world of work and what they expect and hope for from the workplace of the future. 

D-Link Industrial Switches

D-Link A/NZ has launched its new DIS Series of Industrial Gigabit Long Reach PoE+ Switches consisting of the unmanaged DIS-F100G Series and the Layer 2 Smart Managed DIS-F200G Series, both with Long Reach PoE support. Built from the ground up for reliability and durability, the DIS Series Industrial Gigabit Switches offer a complete solution for demanding indoor and outdoor Industrial network applications, including factory automation, warehousing, intelligent transportation systems including automated carpark facilities and wherever harsh environmental conditions exist.

To accommodate such deployments, the new DIS-F100G and DIS-F200G Series Switches are housed in a highly durable, industrial-grade enclosure with IP40 ingress protection. Their fan-less energy-efficient design and robust housing enable operation in harsh environments with wide operating temperatures. For optimal reliability, the DIS Series provides cold start capability in environments with temperatures as low as -40°C with full-load operation at up to 75°C.

D-Link also designed the DIS Series with hardened components to reliably withstand environments with high electromagnetic interference (EMI) that would damage ordinary enterprise devices. Over and above this, all switches in the DIS Series also support dual power inputs to provide power redundancy, ensuring the connected networks keep running in the event of a power failure.

The DIS Series features models that support IEEE 802.3at PoE+ to deliver up to 30W of power per port to connected PoE devices with a total PoE power budget of 120W or 240W. These models dynamically allocate power to connected PoE devices, such as IP phones, wireless access points, surveillance cameras and other standard PoE devices efficiently with lower deployment costs.

The DIS-F100G and DIS-F200G Series furthermore offer Long Reach PoE technology, allowing the use of longer network cable runs which are normally limited to 100m. The Long Reach PoE technology supports cables up to 250m long.

Importantly for devices with usage criteria that may include exposure to outdoor applications, the RJ-45 Ethernet ports on the DIS-F100G and DIS-F200G Series feature embedded 6 kV surge protection. This helps protect the switches against sudden electrical surges caused by events such as lightning strikes or unstable electrical currents. Built-in surge protection significantly reduces the chances of equipment being damaged by these surges and effectively lowers management costs by minimising the need for expensive equipment repairs or replacement. 

The DIS-F200G Series also features carrier-grade RUN-Ring technology with 10-20ms recovery for high-speed metro Ethernet ring resilience. In addition, support for loop detection and cable diagnostics for network troubleshooting and maintenance provide reliable network access for non-stop service.

DIS-F100G Series

The DIS-F100G Series of Gigabit Industrial Unmanaged Switches are equipped with various port combinations, including 10/100/1000BASE-T Long Reach PoE+ ports and SFP ports. These switches feature a robust design making them ideal for deployment in Industrial and outdoor cabinet surveillance settings and capable of withstanding the harshest environments. In addition, the DIS-F100G Series are plug-and-play, allowing for effortless and swift deployment.

DIS-F100G-6PS-E

6-Port Gigabit Industrial PoE+ Switch with 4 Long Reach PoE+ ports and 2 SFP ports

RRP AU$399.95 and NZ$499.99

DIS-F100G-10PS-E

10-Port Gigabit Industrial PoE+ Switch with 8 Long Reach PoE+ ports and 2 SFP ports

RRP AU$559.95 and NZ$699.99

DIS-F200G Series

The DIS-200G Series Layer 2 Gigabit Industrial Smart Managed Switches are equipped with 4 (DIS-F200G-6PS-E) and 8 (DIS-F200G-10PS-E) Long Reach PoE+ capable 10/100/1000BASE-T ports and 2 SFP ports. These switches feature a robust design making them ideal for deployment in Industrial and outdoor settings and are capable of withstanding the harshest environments. The DIS-F200G Series furthermore integrates advanced management and security functions to provide a complete solution.

DIS-F200G-6PS-E

6-Port Gigabit Industrial Smart Managed PoE+ Switch with 4 Long Reach PoE+ ports and 2 SFP ports

RRP AU$499.95

DIS-F200G-10PS-E

10-Port Gigabit Industrial Smart Managed PoE+ Switch with 8 Long Reach PoE+ ports and 2 SFP ports

RRP AU$679.95 and NZ$789.99

The new DIS-F100G and DIS-F200G Series Industrial Gigabit Switches are available now from www.dlink.com.au, and from all D-Link authorised partners.

ATO firm on contractor reporting TPAR

The Australian Taxation Office (ATO) is reminding businesses who are required to lodge a Taxable payments annual report (TPAR) to do so by 28 August 2023. 

ATO Assistant Commissioner Tony Goding said the Taxable payment reporting system helps maintain a level playing field by ensuring all businesses pay their fair share of tax.

‘While most businesses do the right thing, not reporting payments to contractors and deliberately under reporting income makes it unfair for honest businesses,” Mr Goding said.

‘It may also be seen as a red flag and could prompt closer scrutiny from the ATO.’

Around $400 billion in payments made to almost 1.1 million contractors were reported in the Taxable payment reporting system in the last financial year.

‘The Taxable payments reporting system is just one tool in the ATO’s toolbelt helping expose missing income and keeping things fair for businesses doing the right thing,’ Mr Goding said.

‘We use a range of information in the TPAR to check for red flags, like not including income, not lodging tax returns or activity statements, overclaiming GST credits or mis-using Australian business numbers,’ Mr Goding said.

Businesses in the building and construction industry as well as businesses that provide cleaning, courier and road freight, information technology and security, investigation or surveillance services and have paid contractors in relation to these services need to lodge a TPAR.

The ATO recently issued more than 16,000 penalties for businesses who didn’t lodge their TPARs for previous years, despite receiving multiple reminders. The average penalty for not lodging was approximately $1,110.

‘It is getting harder for businesses to hide from the ATO, like using cash payments to avoid tax, as the TPAR data gives the ATO the extra puzzle pieces it needs to catch-out dodgy behaviour,’ Mr Goding said.

‘We know there are some who deliberately don’t report or under-report their income, making it unfair for honest businesses.

‘Dodgy businesses doing “cashies” are being put on notice as the ATO continues to crack down on shadow economy behaviour’.

The shadow economy is estimated to cost the Australian economy $12.4 billion every year in unpaid taxes.

‘If you are asking for cash and not declaring it to the ATO, you will receive a ‘please explain’ from the ATO and you will be penalised. It’s not a matter of ‘if’, it’s a matter of when,’ Mr Goding said.

TPAR data recently enabled the ATO to investigate a cleaning company who chose not to be ‘squeaky clean’ in their tax return. A sole trader providing cleaning services reported $6,892 of income from government allowances, but no business income or expenses. The data showed they received payments of more than $80,000 from three different companies. An audit confirmed no activity statements had been lodged and the payments were never reported. As a result, their tax return was adjusted for the omitted income, and penalties were applied.

‘Every dollar of tax dodged is a dollar that can’t be used for vital services like health and aged care. The TPAR program helps to prevent billions of dollars being lost to the shadow economy,’ Mr Goding said.

Gen Z is changing the workforce

As Gen Z has entered the workforce over the past few years, there has been a lot of talk about what this means for the future of business. There is no doubt that this generation is bringing with them a new approach to career and success, causing many businesses to wonder how they can best adapt to the changing needs of their employees.

With Gen Z set to make up over half of the global workforce by 2030, businesses must face the fact that the values and expectations of this new generation of employees will inevitably carry weight in the workplace. Here’s how you can realistically adapt your business to ensure you can hire and retain great Gen Z employees. 

Promote a healthy work-life balance

Work-life balance has been a huge topic of conversation in recent years, and it’s no coincidence that it’s come just as Gen Z started entering the workforce. New research from Employment Hero has found that Gen Z has vastly different priorities when it comes to work than other demographics. In particular, the study found that younger workers are prioritising workplace culture and mental health over their salary when making career decisions.

What businesses can learn from this research is that without a healthy work environment, Gen Z employees aren’t likely to stick around for long. Rewarding their hard work by offering flexible working arrangements, planning social events, encouraging them to take breaks and leave on time, and creating space for open conversations about mental health and wellbeing are all great ways to improve work-life balance day to day. With the right environment, you will attract engaged Gen Z employees who are willing to work hard to help your business succeed.

Prioritise inclusion and diversity

Gen Z has been driving the conversation around diversity and inclusivity in recent years, so it’s no surprise that they expect to see these values represented in the workplace too. Making the effort to hire people of all genders, sexualities, ethnicities, and cultural backgrounds indicates to potential employees that you value a wide range of perspectives, skills, and strengths, and are committed to creating a safe and inclusive environment for all. 

The more committed you are to hiring diverse people, the more talent you will inevitably attract to your business. In addition to this, creating a more diverse workplace offers a host of benefits to your business overall. Research has shown that companies that prioritise diversity are 35% more likely to perform better than their peers and are more likely to capture new market opportunities. With greater diversity comes greater opportunity, both for your employees and the longevity of your business.

Provide opportunities for growth

Despite reports of Gen Z being ‘lazy’, research shows that they highly value opportunities for career growth when it comes to choosing where they work. For businesses, this means you should invest in the development of your Gen Z employees’ skills in order to keep them engaged and motivated. 

Having open conversations about your employee’s career goals, encouraging staff to attend workshops or online courses, or even hosting regular team-wide skill-sharing seminars is a great way to show Gen Z employees that you are open to creating new opportunities for them within your company. By creating an environment where your team feel they can continue to learn and grow, you are far more likely to retain staff and make great use of their growing talents.

Written by Jas Singh who is the founder and managing director of SKL Executive, a specialised recruitment and search firm delivering high-quality services to the actuarial profession. As a qualified actuary (FIAA) with over a decade of experience in Australia and the UK, Jas leveraged his extensive technical knowledge to found SKL in 2013.