Protecting Your Business Details: Three Key Security Checks Recommended by the ATO
- Ron
- 12 minutes ago
- 1 min read
Compliance is the cornerstone of business security; regular self-checks ensure peace of mind in your operations.
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In today’s digital age, safeguarding your business’s identity and financial information is critical. The Australian Taxation Office (ATO) recommends that business owners perform the following three simple security checks to help reduce the risk of fraud and identity theft.
1. Check Your ABN Details
Ensure your Australian Business Number (ABN) details are current. By law, you must update your information (such as address or bank accounts) with the Australian Business Register (ABR) within 28 days of becoming aware of any changes. Outdated or incorrect details can leave your business vulnerable to security risks.
2. Manage and Restrict Access Permissions
Regularly review who has access to your tax and business information. Use Access Manager to manage electronic access for employees. Ensure staff are only granted the minimum permissions necessary to perform their roles and promptly remove access for former employees or those in changed positions. Additionally, never share your Digital ID (such as myID) with anyone else.
3. Identify and Report Suspicious Activity
Stay vigilant for any unauthorized changes. Contact the ATO immediately if you notice:
Your bank account details have been changed without your knowledge.
An unauthorized individual is attempting to act on behalf of your business.
You receive notifications about transactions or lodgments you did not perform.
Source of information: Australian Taxation Office (ATO).
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