AUSTRAC has filed a further 61 alleged contraventions against 3 Tabcorp companies adding to current civil penalty court proceedings.
Published by Credit Matters Pty Ltd.
Welcome to Credit Matters Newsletter for May 2016. Our monthly newsletter contains information about financial risk management issues, blogs, advice of new business listings and free advice from organisations such as ASIC.
You can always view past copies of our newsletters via our website at www.creditmatters.com.au
We are now pleased to announce a new segment in our monthly newsletter with Trace Personnel providing the latest news about employment and hiring risks.
Word of The Month and Inconvenient Business Truth segments continue to offer valuable business insights.
Advertising via Credit Matters
If you are interested in reaching a wider group of business prospects, contact Kim to see what we can do for you. There are many different opportunities to advertise your business. The benefit of advertising with Credit Matters is we offer one of the few opportunities to reach a broad marketplace of customers with financial risk management issues.
This month you will find a new listing for the Polish Institute of Credit in the Professional Bodies category.
In addition, there is a brochure from Enable Workplace Consulting about an upcoming event on workplace bullying.
"Reputation is the currency of the future".
What does this statement really mean? I believe the article it was written for, used the statement to indicate having a good reputation was an essential component in achieving success today and in to the future.
In today's world however, the pursuit of money seems to count more than having a good reputation. Therefore, does having a good reputation still have a relevance?
In my view, yes it does. A good reputation is an intangible asset not to be treated lightly. To throw your good reputation away for a quick deal or to gain a cheap advantage, is a tragic mistake. If you don't believe this, look at the people and businesses which now have either a poor or bad reputation. A tarnished reputation costs money to repair and to try regain the trust of the general public and your business's stakeholders. is not easily achieved.
Having a good reputation encompasses so much more than just having "a good name." Today, we continue to see management in all types and sizes of businesses, which struggle with these three concerns.
1 Managing business risk properly.
2 The balance between the use of technology and people within their business processes.
3 A lack of appreciation on the "... art of business."
As a result, we often see a business might have a good reputation on one aspect of business, yet fails on other levels. For instance, the business's reputation for only stocking quality products is destroyed because the business cannot deliver the right product to the right place.
Today, a good reputation whereby all interactions with the business lead to positive comments by customers, suppliers and employees, are few and far between. This situation is a sad reflection on how many businesses are managed and operated when you realise, efficiency and good promotions of your firm's reputation, are worth dollars in the bank.
Word of the Month - The aim of Word of the Month is to share those many words used in Australian English which cause confusion. The confusion arises because there's often two spelling variations.
Is the spelling co-operation or cooperation?
Over time our language changes. It is hard to imagine anyone spelling the words today or tomorrow as to-day and to-morrow, but if you read an early copy of Lewis Carroll’s Alice’s Adventures in Wonderland, to-day and to-morrow is how Lewis Carroll spelt today and tomorrow.
If you read a dictionary from the 80s you’ll see cooperation spelt as co-operation with a hyphen. Times change, styles change. Today the preferred spelling of cooperation is without a hyphen.
For more information on the Preferred Australian English spelling visit www.Australian-Dictionary.com.au .
TAX Alert: Jail time now easier for cooking the books
PPSPNG commenced on Monday, 9 May 2016
After having been delayed for several years, Papua New Guinea’s (PNG) new Personal Property Security Act (PPSA) (in its entirety, the PPSPNG) and associated register commenced on Monday, 9 May 2016. These laws and its register are similar to Australia’s Personal Property Securities Act 2009 (Cth) (called the PPSA), but with a number of major differences.
BLOGS
Would you like to know more?
Peter Mills | Special Counsel | +61 7 3338 7921 | pmills@tglaw.com.au
EMPLOYING PEOPLE – THE RISKS – COMMON HIRING MISTAKES
Putting the Wrong People in Charge of the Hiring Process: Are You Really the Best Person to Be Handling the Hiring Process?
It’s your business and you’re the one who will be signing the pay checks, but that doesn’t necessarily mean you’re the best person to handle the hiring process.
Most businesses will find that letting a neutral party - such as an external recruitment agency or their HR department - who are experienced with the hiring process, sorting through applications, conducting interviews, and reference checking is the most effective way to identify the most qualified and best candidates for the role – saving you and your business precious time and money.
Credit Matters provides access to blogs written by Kim Radok. Just go to www.creditmatters.com.au to read these and previous blogs.
Since our last newsletter, we presented the following blogs.
Since our last newsletter, the following posts have been added to the Invaluable Reading From Australia and Around The World section.
Credit Matters is a financial risk management resource centre for the Australian business community. If you are in business, Credit Matters is your ideal source of financial risk management solutions.
"Reputation is the currency of the future".
Newsletter headline of an article written by Tim Fung, Australian Financial Review, 11th of November 2014.
Our ‘Inconvenient Truths’ are facts-of-business that too many owners and managers either aren’t aware of, have forgotten, or lost sight of. Symptoms of overlooked truths are increasing expenses, depleting cash flow, diminishing profits and/or lack of winning new business opportunities.
Email us at info@creditmatters.com.au to discover the ‘Inconvenient Truths’ and how they can redirect your business back to success.
Smart business is dealing with suppliers and customers that interact with your business in a timely and efficient manner.
One of the key factors in losing profitability through increased and unnecessary costs is to deal with customers and suppliers which operate a poorly organised business. There are customers and suppliers which operate so inefficiently, every transaction may cost your business money.
Trading with such businesses is energy draining and a costly exercise when you:
(i) have to continually chase up missing products;
(ii) follow up on unpaid invoices or missing documentation,
(iii) chase up credit claims which are never processed,
(iv) there are no people to speak with up resolved issues,
(v) their IT systems are horribly messy to use etc.
If you think inefficiency in these organisations is not your concern, you are partly right. It is not your role to try make that supplier or customer a better business. What you do need to be concerned about, is how their inefficiency adds layers of additional costs to your business.
Good business is all about trading with other businesses to make a profit. It is not about helping other business stay in business at your expense.
If you do not understand this Business Inconvenient Truth, contact Kim
To view the full list of Business Inconvenient Truths, become a member at www.creditmatters.com.au. Membership is free.
Media Updates
12 May | 16-135MR South Australian director charged with misappropriating $1.8 million in SMSF property investments |
12 May | 16-136MR ASIC permanently bans Wickham Securities Chairman |
12 May | 16-137MR ASIC consults on updated guidance to improve disclosure of historical financial information in prospectuses |
13 May | 16-140MR Waratah Resources CEO pleads guilty to misleading the market |
16 May | 16-143MR Former company director in court on charges of misappropriating $104,110 |
17 May | 16-146MR NSW liquidator successfully completes independent peer review |
23 May | 16-154MR Former company office holder convicted of breaching director's duties |
23 May | 16-155MR Former director and financial adviser pleads guilty to breaching director's duties |
News From ASIC - Help with ASIC online services
Are you registering, renewing or cancelling a business name? Check out ASIC's new series of YouTube videos to help you use its business names register and other online services.
AUSTRAC expands its Federal Court action against three Tabcorp companies
27 April 2016
AUSTRAC has filed a further 61 alleged contraventions against 3 Tabcorp companies adding to current civil penalty court proceedings.
Legislative reform the key to protect Australia from financial crime: AUSTRAC
29 April 2016
Today AUSTRAC welcomed recommendations to simplify and modernise legislation to protect our economy from serious and organised crime and terrorism financing
28 April 2016 Privacy Impact Assessment finalised
10 May 2016 Draft AML/CTF Rules now available for consultation
11 May 2016 Three remitters suspended
A free smartphone app developed by the Australian Securities and Investments Commission (ASIC) will help business owners undertake important checks before they enter into business transactions with other organisations.
For more information ASIC APP INFORMATION
Credit Matters is continuing to grow and provide marketing and knowledge about financial risks to the Australian business community.
Furthermore, we invite marketing and knowledge ideas from our readers and contributors on how we can assist our respective firms grow. If you have any ideas, please contact me at Click to see email
If you are interested in finding new ways to reach your marketplace, why not try Credit Matters. Our prices for advertising are very reasonable and advertising packages are on offer to make any cost, even more affordable. So if you are interested in reaching your customers at the right price, please contact Kim at Click to see email for options.
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