16 things you need to review for FY2018
The end of the financial year is a great time to review your positioning and ensure your finances, business obligations, legalities and property matters are sorted. The DE team have listed some important reminders for you to check during this time, ensuring you are in the best position for the year ahead. If some of these are appropriate for your situation and you need further help, contact the DE team using the form below. We are always available.
1. Ideal time to deal with or chase up any outstanding debtors.
2. Time to get a second opinion regarding legal disputes or pending court action.
3. Landlords and Vendors: Are you aware of GST changes and GST withholding tax?
4. Landlords and Tenants: Review your lease agreements.
5. Is your property currently vacant? Ensure you’re not going to pay the Vacant Land Tax.
6. Did you acquire a property through a trust? Have you notified the SRO about your trustee status?
7. Have you drafted or updated your Will lately?
8. Have you appointed or updated your Power/s of Attorney?
9. Are your family trust distributions or elections compliant?
10. Consider and review the written agreements with key customers or suppliers.
11. Check the renewal date of all commercial contracts: Do you need to exercise any option to renew in this coming year?
12. Do you hold all necessary licenses and authorisations for your business, and are these up to date?
13. Review your insurance policies: Are they appropriate and adequate for your current business operations?
14. Are your trading terms up to date, with the current copy provided to all customers?
15. Check if there are any PPSR security interests registered over your business which may no longer be required, either because you have paid off hired equipment or no longer purchase goods from a particular supplier.
16. Is your company register, trust documents or partnership agreements are up-to-date, and do they reflect the current structure of your business?
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