small business

2026 Minimum Wage Increase: What Australian Employers Need to Do Before Payroll Changes Take Effect

June 25, 2026 By raadmin

The Fair Work Commission has handed down its 2026 Annual Wage Review decision, and while the headline figures may seem straightforward, the real challenge for many businesses lies in ensuring payroll systems, employee classifications, and compliance obligations are updated correctly.

As accountants who specialise heavily in payroll and business advisory services, we know that annual wage increases often create more questions than answers for employers and admin teams.

If your business employs staff covered by a modern award, now is the time to review your payroll processes and ensure you’re prepared before the new rates take effect.

What Has Changed?

From the first full pay period starting on or after 1 July 2026:

$26.44 per hour
$1,004.90 per week based on a 38-hour week
Minimum award wages will increase by 4.75%.

While these changes are designed to support workers facing ongoing cost-of-living pressures, they also create additional compliance obligations for employers.

Importantly, the increase does not necessarily apply on 1 July itself. It applies from the first full pay period that starts on or after 1 July 2026, which can create confusion for businesses operating weekly, fortnightly or monthly payroll cycles.

Why This Matters for Employers

Many business owners assume that payroll software will automatically update everything. While payroll platforms can assist with rate updates, they cannot determine whether an employee has been classified correctly, whether allowances are being calculated accurately, or whether your payroll settings remain compliant with Fair Work requirements.

This is where businesses often encounter problems.

The Payroll Compliance Checklist

Before your first payroll run after 1 July, we recommend completing the following checks:

Review Award Coverage: Identify which employees are covered by modern awards and confirm that the correct award is being applied.
Verify Employee Classifications: A common compliance issue occurs when employees are placed in the wrong classification level. Even if pay rates increase correctly, an incorrect classification can still result in underpayments.
Update Pay Rates: Ensure all minimum rates, casual loading calculations, penalty rates and overtime rates are updated where required.
Check Allowances: Many awards include allowances that are adjusted separately from base wage rates. These are often overlooked during annual updates.
Review Enterprise Agreements: Businesses operating under enterprise agreements should confirm that employees remain better off overall compared to the applicable award rates.
Test Payroll Software Settings: Do not assume updates have been applied correctly. Review payroll reports and conduct sample checks before processing wages.
Consider Budget Impacts: The wage increase may affect labour costs, superannuation obligations, leave accruals and future staffing budgets. Planning ahead can help avoid unexpected pressure on cash flow.

Need Help Reviewing Your Payroll?

With the 2026 wage increase now confirmed, there is no better time to review your payroll processes and ensure your business is meeting its obligations. If you’d like assistance reviewing employee classifications, updating payroll systems, or conducting a payroll compliance health check, our team is here to help.

Contact us today to discuss your payroll obligations and ensure your business is ready for the first full pay period after 1 July 2026.

Federal Budget 2026: What The New Tax Measures Mean For Australians And Businesses

June 25, 2026 By raadmin

The Federal Budget 2026 introduces significant proposed tax reforms affecting individuals, investors, discretionary trusts and businesses. Key measures include changes to capital gains tax (CGT), negative gearing, discretionary trust taxation, small business tax concessions and personal income tax relief.

For taxpayers and business owners, understanding these proposed changes early can help with tax planning, business structuring and investment decisions.

What Are The Major Tax Changes Announced In Federal Budget 2026?

The Federal Budget 2026 contains several significant tax measures, including:

Reform of the capital gains tax regime
Changes to negative gearing rules
A new minimum tax for discretionary trusts
Previously legislated personal income tax cuts in 2027 and 2028
A permanent $20,000 instant asset write-off
Reintroduction of loss carry back for companies
Loss refundability for eligible start-up companies
Additional support for the Small Business Debt Helpline
Changes to electric vehicle FBT concessions
Medicare levy threshold increases and Private Health Insurance rebate changes

These measures have different commencement dates and may affect taxpayers differently depending on their circumstances.

How Will Capital Gains Tax And Negative Gearing Change?

The Budget proposes significant changes to property and investment taxation from 1 July 2027.

Under the proposed CGT reforms:

The current 50% CGT discount would be replaced by cost base indexation for eligible assets held longer than 12 months
A minimum 30% tax on net capital gains would apply
Transitional rules would preserve the current CGT discount on gains accrued before 1 July 2027
Investors in new residential properties may be able to choose between the existing discount and the new indexed approach

The Government has also announced changes to negative gearing.

For established residential properties acquired after 12 May 2026:

Rental losses would generally only be deductible against residential rental income or residential property capital gains
Excess losses would be carried forward
Eligible new builds would remain exempt
Existing property owners would generally be grandfathered under transitional arrangements

Property investors should carefully review how these proposed measures may affect future investment decisions and cash flow.

How Will The Taxation Of Discretionary Trusts Change?

The Government proposes introducing a minimum 30% tax on discretionary trusts from 1 July 2028.

Under the proposal:

Trustees would pay a minimum tax of 30% on taxable income
Individual beneficiaries would receive non-refundable tax credits
Corporate beneficiaries would generally not receive credits for tax paid by trustees
Certain trusts and income categories would be excluded

The Government also proposes expanded rollover relief from 1 July 2027 for small businesses wishing to restructure from discretionary trusts into alternative entities such as companies or fixed trusts.

Business owners operating through discretionary trusts should consider reviewing their current structures before these measures commence.

How Will Personal Income Tax Change In 2027 And 2028?

The Budget confirms previously legislated tax cuts.

The personal tax rate applying to income between $18,201 and $45,000 will reduce:

From 16% to 15% from 1 July 2026
From 15% to 14% from 1 July 2027

These reductions are intended to provide ongoing tax relief to Australian workers and increase disposable income.

What Changes Apply To Medicare Levy Thresholds And Private Health Insurance Rebates?

The Government will increase Medicare levy low-income thresholds from 1 July 2025.

Key threshold increases include:

Singles: $27,222 to $28,011
Families: $45,907 to $47,238
Single seniors and pensioners: $43,020 to $44,268
Senior and pensioner families: $59,886 to $61,623

These changes may reduce Medicare levy liabilities for eligible low-income Australians.

The Budget also proposes removing the age-based uplift for the Private Health Insurance (PHI) Rebate from 1 April 2027.

Currently, Australians aged 65 and over may qualify for a higher rebate percentage. Under the proposed changes, this age-based enhancement would cease.

What Support Is Available For Small Businesses?

Several measures aim to support business growth, investment and cash flow.

What Is The Permanent $20,000 Instant Asset Write-Off?

From 1 July 2026, the $20,000 instant asset write-off would become permanent for eligible small businesses with turnover under $10 million.

This allows qualifying businesses to immediately deduct eligible asset purchases costing less than $20,000 rather than depreciating them over several years.

How Will Loss Carry Back Rules Return?

The Government proposes reintroducing loss carry back for companies from 1 July 2026.

Eligible companies with aggregated global turnover below $1 billion would be able to:

Carry back eligible revenue losses
Offset losses against tax paid in the previous two years
Generate cash flow benefits through tax refunds

The measure remains subject to franking account limitations.

What Is Loss Refundability For Start-Up Companies?

From 1 July 2028, eligible start-up companies with turnover below $10 million may be able to convert tax losses generated during their first two years into refundable tax offsets.

The refundable offset would be limited to the value of:

Fringe Benefits Tax paid
PAYG withholding tax on Australian employee wages

This measure aims to improve early-stage business cash flow.

How Is The Government Supporting Small Business Owners?

The Budget provides additional funding to continue:

The Small Business Debt Helpline
The NewAccess for Small Business Owners mental health coaching program

These services provide practical support for business owners facing financial pressure and operational challenges.

How Will The Electric Vehicle FBT Concession Change?

The Government proposes reducing the current Fringe Benefits Tax concession available for electric vehicles.

From 1 April 2029:

Eligible electric vehicles would generally receive a permanent 25% FBT discount
Existing transitional arrangements would apply for vehicles provided before the commencement date Higher-value electric vehicles may receive reduced concessions compared with current settings
Employers considering salary packaging arrangements involving electric vehicles should monitor these changes closely.

What Should Taxpayers And Business Owners Do Next?

While many measures remain subject to legislation, the Federal Budget 2026 signals significant tax reform over the coming years.

Individuals should review:

Investment strategies
Property ownership structures
Retirement and tax planning arrangements

Business owners should assess:

Entity structures
Asset acquisition plans
Tax loss utilisation opportunities
Cash flow forecasting

Early planning can help minimise unexpected tax consequences and maximise available opportunities.

How Can Professional Tax Advice Help?

Federal Budget measures often create both risks and opportunities.

Our experienced accountants and tax advisers can help you understand how these proposed changes may affect your personal finances, investment portfolio or business structure. We provide practical, tailored advice designed to help you remain compliant while achieving the best possible tax outcomes.

Make an enquiry today to discuss how the Federal Budget 2026 tax changes may impact your situation and what strategies may be available to you.

Payday Super is coming: what small businesses need to fix before 1 July 2026

June 8, 2026 By raadmin

The ATO is warning small and medium businesses to be prepared to avoid seeing any confusion around the upcoming Payday Super changes. Many business owners assume it simply means “paying super more often.” That’s not quite right and misunderstanding this could lead to compliance issues, cash flow pressure, and unnecessary stress.

From 1 July 2026, Payday Super will fundamentally change how and when superannuation must be paid. If you run a business with employees, now is the time to get ahead of it.

What is Payday Super?

From 1 July 2026, employers will need to ensure that superannuation contributions are received by an employee’s super fund within 7 business days of payday.

This is a significant shift from the current quarterly system. It’s no longer enough to calculate super correctly and pay it “eventually.” Timing, accuracy, and processing speed will all matter.

Importantly, the obligation isn’t met when you press “pay”, it’s met when:

The contribution is received by the fund, and
The correct data is provided so it can be allocated to the employee’s account.

The biggest misconception we’re seeing

The most common assumption we hear is, “We’ll just pay super at the same time as wages.” But the reality is more nuanced.

The compliance clock doesn’t start when you make a payment — it starts when your STP (Single Touch Payroll) event is lodged. From that point, you have a limited window for the super to be:

Processed
Cleared through your clearing house
Received and reconciled by the employee’s fund

That last step is critical — because if there’s an issue anywhere along the chain, the payment may be considered late.

For businesses using manual processes or systems that don’t fully integrate payroll and super, this is where risk starts to build.

Where small businesses may get caught out

From our experience working in this space, there are four key areas where businesses are most exposed:

Data accuracy and onboarding gaps
Incorrect super fund details and incomplete employee records can delay payments and under Payday Super, delays mean non-compliance.
Cash flow timing
You’re not paying more super overall, but you are paying it sooner and more frequently. For many businesses, this creates a shift in working capital that needs to be planned for.
Limited time to fix errors
Seven business days is a tight turnaround. If something goes wrong, whether it’s a rejected payment or incorrect data you don’t have the buffer you once did.
Increased compliance risk
Late payments may trigger Super Guarantee (SG) charge obligations, including interest and administrative penalties. Even small mistakes can have financial consequences.

What you should be doing now

Under Payday Super, payroll isn’t just about paying staff correctly, it’s about ensuring every piece of data is accurate and flows through the system smoothly.

We’re advising clients to focus on:

Employee onboarding processes (especially fund selection)
Up-to-date super fund details
Payroll software capability and automation
Super clearing house timing and reliability
Integration with Single Touch Payroll (STP)

How we help businesses navigate this

This is an area we specialise in, and it’s where we see the most value for our clients.

We’re already working with small businesses to:

Review and optimise payroll systems
Identify compliance risks before they become issues
Improve payroll accuracy and processes
Forecast and manage cash flow impacts
Ensure everything is aligned well ahead of 1 July 2026

Our role is to make sure this transition is smooth, controlled, and stress-free.

Don’t wait until July 2026

The biggest mistake we’re seeing right now is businesses assuming they have time. In reality, the earlier you prepare, the easier this transition will be.

If you’re unsure whether your payroll systems, processes or cash flow are ready, now is the time to review.

Get in touch with our team for a Payday Super Readiness check — and make sure your business is set up properly before the rules change.

Payday Super is coming: what small businesses need to know about Qualifying Earnings

February 25, 2026 By raadmin

If you run a small or medium business in Australia, payroll compliance is about to change again. From 1 July 2026, employers will be required to pay superannuation on payday, not quarterly. This reform known as Payday Super is designed to improve employee outcomes, but it also means tighter processes and less room for error for business owners and admin teams.

As accountants who specialise heavily in business payroll and compliance, we’re ready to help clients prepare.

What is Payday Super, in plain English?

Under the current system, most employers calculate and pay superannuation quarterly. Payday Super changes that rhythm. Instead, super will be calculated and paid in line with each pay cycle—weekly, fortnightly, or monthly—through upgraded SuperStream processes.

This means super obligations will become part of your regular payroll workflow, not a separate quarterly task. From our experience, businesses that rely on manual workarounds or loosely defined pay items will feel this change the most.

Qualifying Earnings (QE): the new term you need to understand

Qualifying Earnings (QE) is the new base used to calculate Super Guarantee (SG) contributions under Payday Super.

In simple terms, QE represents the earnings that super is calculated on each pay run, rather than being reviewed in arrears at the end of a quarter. The SG amount will be calculated as 12% of qualifying earnings, paid at the same time as wages.

According to the Australian Taxation Office, QE closely aligns with what is currently considered salary or wages for super purposes—but the difference is timing and visibility. Errors will surface immediately, not months later.

From a compliance perspective, this makes payroll accuracy more important than ever.

What payments are included in Qualifying Earnings?

While the legislation is still being finalised, the ATO has clarified that QE will generally include:

Ordinary time earnings (OTE)
Base salary and wages
Allowances that are considered part of salary or wages
Salary sacrifice amounts paid to super

What matters most is how your payroll system classifies pay items. We often see issues where allowances, bonuses, or leave types are inconsistently set up. Under Payday Super, these misclassifications can lead to underpaid super on every pay cycle—not just once a quarter.

The calculation itself isn’t complicated. Getting the data right is.

What this means for payroll and cashflow

From a practical standpoint, Payday Super has two major implications:

Cashflow timing changes
Super will no longer be held and paid quarterly. Businesses will need to ensure sufficient cash is available at each pay run. This doesn’t increase the total cost of super—but it does change when the cash leaves your account.
Payroll processes must be tighter
With super calculated every pay cycle, there’s less room for manual fixes. Payroll systems need to be set up correctly, staff need clear processes, and reporting needs to be consistent.

For many businesses, this is where professional support makes a real difference.

A practical Payday Super readiness checklist

Based on what we’re doing with clients right now, here’s how we recommend preparing:

Review all payroll pay items and map them correctly to qualifying earnings
Confirm your payroll software will support Payday Super and SuperStream changes
Update cashflow forecasts to reflect pay-cycle super payments
Run test pay runs to confirm QE calculations and SG amounts
Document payroll processes so admin staff can apply them consistently

The ATO has released employer resources, including checklists and fact sheets, but implementation is where most businesses need help.

How we help

Payroll and super compliance is a core part of our accounting practice. We work closely with businesses to review payroll setups, correct pay item classifications, and build processes that scale as your business grows.

If you’d like us to review your payroll and help you prepare for Payday Super well before 1 July 2026, we’d be happy to help. Getting this right early puts you in control rather than scrambling later.

Get in touch with our team to book a Payday Super readiness review.

2025/26 Federal Budget: What It Means for You and Your Business

March 28, 2025 By raadmin

The 2025/26 Federal Budget brings a mix of tax cuts, business relief, and regulatory reforms aimed at easing cost-of-living pressures and strengthening Australia’s economy. Whether you’re an individual taxpayer or a small business owner, here’s a quick look at what matters most.

💰Tax Relief for Individuals

From 1 July 2026, the 16% tax rate on incomes between $18,201 and $45,000 will drop to 15%, then to 14% in 2027. That means tax savings of up to $268 in 2027 and $536 by 2028.

The Medicare levy threshold has also increased—single individuals earning under $27,222 won’t pay the levy at all in 2025, with higher limits for families and seniors. This brings welcomed relief, especially amid rising living costs.

🎓Student Debt and HELP Repayments

Student loan holders will benefit from a 20% debt reduction, pending legislation, on top of previous indexation reforms. Even better, the repayment threshold is increasing to $67,000 in 2026—allowing more time before repayments kick in.

⚡Energy Relief for Households and Small Businesses

Eligible households and small businesses will receive two $75 rebates off electricity bills through 2025, offering modest yet meaningful help in managing utility costs.

🏠 Housing Access and Affordability

The Help to Buy scheme is expanding, with income caps raised to $100,000 for individuals and $160,000 for joint applicants, and price caps linked to average state prices. This opens homeownership to more first-time buyers.

Meanwhile, a two-year ban on foreign purchases of established homes (starting April 2025) aims to boost housing availability for locals, alongside new compliance efforts to reduce land banking.

🚫Banning Non-Compete Clauses

To support worker mobility, non-compete clauses will be banned for those earning under $175,000. This includes actions to stop businesses from using “no-poach” and wage-fixing agreements—empowering employees and encouraging fairer labor practices.

🧾Support and Protection for Small Businesses

The Budget allocates $12 million over four years to support small businesses and franchisees. Key initiatives include:

Better enforcement of the Franchising Code of Conduct
Stronger action against illegal phoenixing, especially in construction
A new Social Enterprise Loan Fund for purpose-driven businesses
Exploring unfair trading protections for small business contracts

🍻Boosts for Hospitality and Alcohol Producers

Hospitality venues, brewers, distillers, and wine producers can breathe a little easier. The Government will pause draught beer excise indexation for two years (from August 2025) and increase the annual cap on excise and wine rebates to $400,000—a boost for local industry.

🕵️Cracking Down on Tax Avoidance and Scams

The ATO is getting nearly $1 billion over four years to expand its fight against the shadow economy, under-reported income, and large-scale tax avoidance. This ensures fairer competition and protects revenue.

Also, the National Anti-Scam Centre gets an extension to help protect consumers and businesses from rising scam threats.

Takeaway:

From individual tax cuts to small business protections and energy relief, the 2025/26 Budget is a multi-layered response to economic pressure and structural reform. Whether you’re filing a tax return, hiring staff, brewing beer, or buying a home—these changes could directly affect your financial decisions.

Need help understanding what it means for your specific situation? Please give us a call to make an appointment so we can help you understand it.

Effective ways to increase your market share

March 13, 2020 By raadmin

Expanding your market is a good way to increase your market share. Utilizing the right methods will keep your company growing sustainably in the long term. Here are a few effective ways to get you there.

Increase engagement with customers

By engaging more with your customers, customer loyalty will increase. In other words, your customers will remember you better, will come back and buy your products/services and refer it to their friends and family. To do this, you can communicate with them more on social media and email. You can post new content regularly and encourage your audience to comment. Sending personalized email newsletters is a good idea too. Sending a feedback form after they use your product/service will also help increase engagement.

Run a referral program

Finding and approaching new customers takes time and effort. Using a referral program can save you quite a lot of time and attract customers naturally. You can offer a discount or a free sample if your customer refers their friends and family to your company. Take rideshare companies, like Uber for example. By giving customers a discount on their trip when they introduce someone new to the service, they have quickly gained a broader market.

Investigate in wholesaling and retailing

If you’re a wholesaler, consider opening a retail outlet. Or if you only sell through retail channels, investigate entering the wholesale industry. You will definitely reach more audiences in no time. Take a look at this business.gov.au page.

Exhibit at trade events or conferences

Build connections, demonstrate new products and develop stronger relationships with new markets by presenting your business at trade shows. See what trade events are in Australia over the coming year.

Employ smart hiring practices

Companies with high market share usually have the most skilled employees. Attracting and keeping top talents at work can reduce turnover and focus more on core tasks.

To do this, offer competitive salaries and benefits. Providing flexibility at work is also a great way to attract talent. Simply offer more flexibility in how and where people work, you will see a huge difference in productivity. Especially if your competitors are still expecting their employees to work 9-5 every day, your flexible working conditions can be appealing.

NEXT STEPS:

Stay tuned for more blogs that can help you manage and grow your small businesses! Check out some of our past blogs in the meantime:

Top 3 small business challenges and how to solve them

5 Powerful ways to improve your small business marketing

Top tips to increase your customers in 2020

5 Powerful ways to improve your small business marketing

November 7, 2019 By raadmin

As a small business, we understand how other small businesses struggle with managing a budget for marketing strategies. A small budget doesn’t mean that you can’t get creative and succeed with your marketing campaigns. Our blog is here to guide you through some powerful tactics to utilize your marketing game and not spending too much money.

1, Profile your target market based on certain characteristics

Conducting research about your market is not enough, you need to identify your target audience and classify them into groups based on characteristics. Some common (and effective) ways to segment a market are:

Demographics (Age, gender, income, education, social status, occupation,…)
Geographics (City, country, living area,…)
Psychographics (Lifestyle, personality, attitude, values,…)
Behavioral (Benefits sought, purchase usage, intent, occasion,…)

It is also important to keep in mind that your target market should have a need for your product/ service and be willing to pay for your offer.

2, Create and share content that adds value

By publishing content that brings value to your audience, your brand will attract people and gain more audience overtime. You don’t even need to attempt to sell your products, sharing knowledge and value-added content is enough to give people a reason to follow and listen to the brand. Consider sharing content that is relevant to your business and your followers as well.

3, Level up your Google My Business profile game

You see Google ratings and business profiles everywhere, but did you optimize this yet? Filling out your Google My Business profile now to take a big step in local marketing. Make sure to include important keywords to optimize your SEO. Additionally, putting up some nice photos would improve your credibility.

4, Get listed in online directories

Getting on directories will drive traffic to your site and increase awareness. Depending on your industry and product/service, you will find different online directories that are suitable for your company. Many of them are free or have paid options but the basic one is usually free.

5, Leverage micro-influencer marketing

Micro influencers (those with small reaches) are often cheaper than highly regarded celebrities. Research has shown that these influencers usually communicate and engage with their audience more. In other words, they are perceived as trustworthy and influential among their followers. Working with them can form a strong community around your brand and build better awareness. For instance, you can easily use tools like TRIBE or Scrunch to connect with micro-influencers based on your product and desired audience.

Minimum Wage Increases, What They Mean For You

June 14, 2019 By raadmin

The Minimum Wage Panel on 30 May 2019 handed down its minimum wage decision for 2019.

From the first pay period commencing on or after 1 July 2019, the National Minimum Wage will increase to $740.80 per week, or $19.49 per hour.

What this means for you:

Employers who pay their employees at the National Minimum Wage or Modern Award rates of pay will need to apply the increase in the first full pay period commencing on or after 1 July 2019;

Employers who currently pay above National Minimum Wage or Modern Award rates of pay are not obliged by this decision to increase their rates of pay, but need to ensure their rates remain at least as beneficial, once the increase is applied; and

Employers who pay under enterprise agreements must ensure that the base rates in those agreements remain at least equal to the new minimum Modern Award rates. If you pay any of your employees under annualised salary arrangements you will need to conduct an audit of those annualised salaries against the new Award rates and working patterns to ensure the annual salary compensates for award entitlements.

If you are an employee unsure of the award rates for your line of work, you can check out the award calculator HERE

Need Help?

If you need help with updating your pay systems for these new rates, don’t hesitate to contact our expert accountants!

How Are You Making Sure Your Mobile Phone Data Is Safe?

November 23, 2018 By raadmin

Recently, the new shiny iPhone XS and XR entered the market.

For all the Apple lovers out there, this might mean being the first to wrap your hands around the irresistibly smooth all-glass design, or finally upgrading your old glitchy iPhone to the new model.

If this is you, I’m guessing you’re focused on the opportunity to start afresh, buy a new case, clear all those apps cluttering your current device, and start playing with its new features. Right?

But have you considered the security aspects?

According to online security software vendor, Norton, the scary reality is that 978 million people in 20 countries were affected by cybercrime in 2017. In New Zealand and Australia, one in four small businesses experienced a cyber-attack or hacking attempt.

“It’s an unfortunate fact that the impact of cybercrime is a reality for all businesses,” Xero Head of Security, Paul Macpherson, said at the recent Xerocon conference in Brisbane. “We continually remind all of our customers – small businesses, accountants and bookkeepers – to take precautions to keep their data safe from hackers.”

Sure, you’ll be eager to try the cool Face ID feature and of course you wouldn’t dream of breaking your shiny new phone. But are you mindful of how you’ll keep its contents safe too?

Obtaining a new phone is the perfect opportunity to get everything set up correctly right from the start. And if you don’t plan to upgrade your mobile phone, there’s no time like the present to make changes.

Are you too relaxed with your data security?

While many of us are looking for convenience of easy-to-find or easy-to-remember passwords, in reality you’re making yourself vulnerable to digital identity theft.

Xero Head of Industry, Matthew Prouse, says “the biggest mistake people make is keep highly confidential information in their phone, such as in ‘Notes’ or disguised as a contact. You’re walking around with a pocket of very sensitive data.”

Prouse recommends that you do not –

· Add passwords and pin codes to the ‘Notes’ app

· Try to disguise passwords, bank account numbers or your tax file number as phone contacts

· Choose obvious passwords (such as your date of birth or cat’s name) that even your kids can work out

· Replicate the same codes everywhere (such as your bank account pin)

· Allow your computer or phone to automatically save passwords

· Hand over old mobile phones to your kids without clearing all sensitive data first

Think about the worst case scenario: your phone gets stolen. For many of us, this doesn’t just mean losing a device. It also means losing passwords. And your digital identity.

Every day, there are reports of email accounts being hacked, phishing emails being sent with the aim of collecting credit card details and bank account numbers, and credentials stolen from one website and then used against other sites to see if username and passwords have been replicated.

Macpherson says over 80% of breaches occur via stolen or weak passwords, with email as the primary method of attack. So it’s highly important to keep sensitive employee and customer data safe via modern security practices, especially while running a sustainable and trusted modern business.

How can I improve my phone security?

Now is the time to brush up on your security awareness.

Prouse recommends utilising apps such as LastPass and Google Authenticator for encryption and a second layer of security for important business and personal websites. However, you can’t just download them and consider yourself completely covered.

“As a business owner, your smartphone itself needs to be safe and secure too,” says Prouse. “Make sure there is a fingerprint scanner, facial recognition, and good password security.”

And when it comes to passwords, Prouse suggests thinking outside the box.

“You might like to check out Stay Smart Online for some good tips and policies around passwords. Don’t just use your date of birth, postcode, or banking pin numbers. Pick random numbers; the authorisation apps will remember them for you.”

It’s also key to remember that if you have an existing authenticator app setup on your old phone, you need to set it up on your new device before disposing of your old one.

So if you’re getting your hands on the new iPhone X, take some time to set up the security as a priority. Because, admit it, downloading Instagram was otherwise first on your list!