Accru Harris Orchard

From 1 July 2026, trustees of closely held trusts must now report beneficiary Tax File Numbers (TFNs) in the statement of distribution when completing the annual trust tax return. Here’s a look at the recent changes in TFN reporting.

https://www.ato.gov.au/businesses-and-organisations/business-bulletins-newsroom/changes-to-beneficiary-tfn-reporting-for-closely-held-trusts

Director Jesse Papargiris has some great advice for business owners as we start the new financial year.

5 questions every business owner should ask in a new financial year - Accru The start of a new financial year is often associated...

A new development in digital payments could quietly reshape how international business transactions happen.

Open USD is a new US dollar-backed stablecoin supported by major global companies including Visa, Mastercard, Stripe and Google. While most Australian businesses may never use it directly, platforms they already rely on could begin using it behind the scenes for cross-border payments.

Potential benefits may include:
> Faster international settlements
> Lower transaction costs
> More efficient global payment processing

As digital payment technology continues to evolve, it's another reminder that businesses should stay informed about changes that may impact the way they operate even when those changes happen behind the scenes.

What is Open USD and how could it quietly change business payments? Open USD is a new US dollar stablecoin backed by Visa, Mastercard, Stripe, Google and more. This is why it matters for Australian businesses.

Recent headlines have served as a timely reminder that protecting confidential financial information is just as important as managing it correctly.

Here are a few simple questions to ask:

*Who can access your payroll and financial records?
*Are user permissions still appropriate for current staff?
*Is multi-factor authentication enabled on your financial systems?
*Are sensitive documents being shared securely?
*Do you have processes in place to protect against phishing and invoice fraud?

If you're reviewing your business processes and controls, speak with the team at Accru Harris Orchard. Good governance isn't just about the numbers - it's about protecting your business as well.

Spending an entire career with one firm is becoming increasingly rare. That's why we were delighted to recently celebrate Chris Marshall's 45 years with Accru Harris Orchard.

Chris joined the firm straight out of school and today is our longest serving team member. James Orchard remembers the day it all began. As a boy, his father Roger took him to watch Chris play football for Sacred Heart before recruiting him to join the firm. 45 years later. It’s safe to say it was a great decision!

Chris, thank you for your commitment, loyalty and everything you've contributed to our firm so far. Congratulations on this remarkable milestone!

Warnings about new scams seem to come out almost daily. Hopefully, you will not fall victim to one, but if you do, you could soon receive automatic compensation under plans from the federal government.

Scam victims to get automatic refunds for losses under $3,000 The federal government plans to automatically reimburse scam victims who lose less than $3,000 as part of a broader crackdown on fraud.

Recent guidance from the Australian Cyber Security Centre highlights that while AI can offer significant benefits, businesses should take care when using these tools, particularly when handling sensitive information.

Some key considerations for businesses include:
>Understanding what data is being shared with AI tools
>Reviewing vendor privacy and security policies
>Ensuring staff are trained in responsible AI use
>Verifying AI-generated information before relying on it
>Implementing processes to protect customer and business data

As AI becomes increasingly integrated into business operations, managing cyber security risks is essential for protecting your business and supporting sustainable growth. At Accru Harris Orchard, we work with businesses to navigate emerging challenges and make informed decisions in an evolving digital landscape.

This article has more helpful tips:
https://www.cyber.gov.au/business-government/secure-design/artificial-intelligence/artificial-intelligence-for-small-business