Time to review your business affairs

The beginning of the new financial year is a good opportunity to set aside time to review your contracts and ensure that the key aspects of your business are in order. In particular you should check:
• that you are aware of the changes to award rates which may affect the amounts payable to your employees and whether your employment agreements need to be updated to deal with changes in the law such as those changes introduced in response to the Covid-19 pandemic;

• that your key customers or suppliers have executed current written agreements;

• whether any of your contracts need to be renewed or extended;

• that all of your licenses and authorisations are up to date;

• whether your terms and conditions are up to date, noting that we frequently review terms and conditions which are in breach of the Australian Consumer Law or do not provide standard protections for the businesses such as the right to register security interests;

• that your insurance policies to ensure they are appropriate and adequate for your current business operations and whether your policies need to be updated to take into account recent changes in your business;

• that your company register, the ASIC register, trust documents or partnership agreements are up-to-date and reflect the current structure of your business; and,

• whether any personal property security interests have been registered over your business which should be removed

• whether any personal property security interests registered in your favour need to be extended to avoid the registration expiring; and

• the status of your debtors and whether you need to engage professionals to collect the debt on your behalf.

In addition to the above you may also wish to consider reviewing your current business structure and your business succession arrangements to ensure that they up to date and match up with your requirements.

Rostron Carlyle Rojas Lawyers can assist you in reviewing each of the above, provide you with practical advice and work with you to rectify any problem areas identified.

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