🇦🇺Australia
Fair Work Audit Fines
1 verified sources
Definition
IT audit services highlight compliance gaps in data retention leading to Fair Work investigations and fines.
Key Findings
- Financial Impact: AUD 66,600 per serious underpayment breach; AUD 16,500 per record
- Frequency: Ongoing audits; 7-year retention
- Root Cause: Fragmented IT systems lacking centralized data retention
Why This Matters
The Pitch: IT firms in Australia 🇦🇺 face AUD 66,600+ fines per breach from data retention gaps. Automation ensures audit-ready records.
Affected Stakeholders
HR Manager, Payroll Officer
Deep Analysis (Premium)
Financial Impact
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Current Workarounds
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Methodology & Sources
Data collected via OSINT from regulatory filings, industry audits, and verified case studies.
Evidence Sources:
Related Business Risks
Superannuation Reporting Delays
200% SG Charge on shortfalls (e.g., AUD 23,000 on AUD 11,500 shortfall)
ATO Compliance Penalties
AUD 1,110+ per BAS failure; up to AUD 20,000 for repeated STP non-compliance
IT Audit Remediation Costs
AUD 10,000-50,000 per full IT audit remediation
Data Breach Reporting Fines
AUD 500,000+ per breach, up to AUD 2.5 million max per serious contravention (logic: Privacy Act penalties)
Backup Failure Downtime Costs
AUD 898 million market-wide in 2024 for disaster restoration[2]
DRaaS Market Gap Losses
AUD 250.27 million DRaaS revenue potential in 2025[8]
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