Once you have established your company, it is easy to become side-tracked and potentially allow the “admin” fall to the wayside.
Below are some items which you may need to consider for the New Year:
Company directors are now required to apply for a Director Identification Number by no later than 30 November 2022 with directors of Indigenous corporations governed by the Corporations (Aboriginal and Torres Strait Islander) Act 2006 required to apply for the unique identifier by no later than 30 November 2023.
Directors who fail to apply for a director ID by the deadline may face fines up to $1.11M. Penalties may also apply for conduct that undermines the new requirements, including providing false identity information or intentionally applying for multiple director IDs.
Applications are free and opened on 1 November 2021.
It is important to review your suppliers every few years to ensure that you are still with the best supplier, gaining the best product or service and paying a reasonable price. It is easy to sign on to a Supply Agreement and allow the term to roll over with increases in the fees paid and potentially outdated terms still applying.
Is your Lease term expiring in the next 12 to 18 months months? If you have any options under the Lease you may need to exercise that option within a certain period (e.g. no earlier than nine months and no later than three months before the expiry date).
If there are no options in your Lease then you may need to start negotiating a new lease with your landlord or start looking for alternate premises. It is an ideal time to negotiate lease terms with strong incentives being offered by most landlords.
Is the structure you established when your business first started still the most advantageous and tax effective for the business you now have?
Has your business grown and you need to consider a corporate restructure to prepare for a succession event? We recommend discussing any structuring issues with your accountants first.
Do all of your staff members and contractors have current agreements governing the terms of their engagement? Have you considered variations to the Fair Work Act and the relevant awards that govern your employees’ engagement? If your staff are covered by an award, you may need to consider loadings and overtime requirements. The employment law landscape changes rapidly. Frequent review and updating is often essential to remain compliant in this area.
Often the worst offender of the ‘set and forget’ theory. It is important that you consider not only your business interruption, public liability and equipment insurance, but also your life/key person insurance policies that may need to be varied to reflect your personal role and input into the business but also the businesses’ current stage generally.
When was the last time you updated your IT hardware and software?
In the rapidly evolving space of IT, it is important to consider if your current equipment is helping you to do your work in the most efficient and effective manner. You may also need to consider your IT support provider to ensure that they are providing you with the best assistance for your business.
When a business is first getting off the ground it will usually purchase plant and equipment with finance. Such finance usually comes with ‘strings attached’ in the shape of PPSR registrations.
While financiers are quick to ensure their registrations are placed on the PPSR, we often see registrations over plant and equipment for loans which were re-paid years earlier and never removed.
Please do not hesitate to email me or give me a call on 07 3220 1144 if you would like to discuss your personal circumstances on this, or any other, matter.
The information in this blog is intended only to provide a general overview and has not been prepared with a view to any particular situation or set of circumstances. It is not intended to be comprehensive nor does it constitute legal advice. While we attempt to ensure the information is current and accurate we do not guarantee its currency and accuracy. You should seek legal or other professional advice before acting or relying on any of the information in this blog as it may not be appropriate for your individual circumstances.