10 Inquiries to Ask Your Lawyer Earlier than EOFY 2023

Because the monetary yr wraps up, it’s the proper alternative to step out of the day-to-day grind and set your online business up for future success.

Throughout the finish of monetary yr (EOFY), the insights and steerage from a lawyer can show invaluable. They may also help interpret upcoming legislative modifications, tackle compliance issues, and help with maximising returns. As we edge nearer to wrapping up FY23, listed below are 10 essential inquiries to ask your lawyer, guaranteeing your online business is well-prepared and legally resilient for the brand new monetary yr.

This month, sweeping amendments to Australia’s industrial relations panorama are being ushered in because of the passing of the Secure Jobs, Better Pay invoice final yr. Ranging from June 6, Australian workplaces should adapt to new multi-employer bargaining guidelines, revised versatile working provisions, and modifications to pay secrecy clauses.

Key modifications it’s best to discover along with your lawyer embody:

  • Enlargement of multi-employer bargaining: The lately named cooperative workplaces bargaining stream will facilitate a number of workplaces to consolidate beneath a single settlement.
  • Modifications to the Higher Off Total Take a look at (BOOT): The BOOT, which gauges if staff will profit from higher circumstances beneath a brand new enterprise settlement in comparison with an underlying fashionable award, shall be revised for enterprise agreements made on or after June 6.
  • Versatile working preparations: Enhancements to the Truthful Work Act will broaden and strengthen entry to versatile work preparations for long-term staff. You possibly can learn extra about these modifications in our complete information.
  • ‘Zombie’ agreements: To modernise working circumstances, ‘zombie’ agreements — outdated office agreements initiated earlier than 2010 — will mechanically terminate on December 7 this yr.
  • Pay secrecy guidelines: The Safe Jobs, Higher Pay Act will curb pay secrecy clauses that stop staff from discussing their wages with others.

These modifications might considerably impression your online business operations, making it important to seek the advice of along with your authorized counsel to know their implications and make sure you’re adequately ready.

2. Is now the proper time to vary enterprise constructions?

The tip of the monetary yr supplies a really perfect alternative to reassess your online business construction. It might be the proper time to register an organization in case your present enterprise construction’s drawbacks – like greater particular person tax charges and monetary legal responsibility – outweigh its advantages.

3. What can I declare?

Because the monetary yr wraps up, it’s best to take into account tips on how to maximise your deductions. There are few further incentives to think about earlier than 30 June:

Varied services are tax-deductible, together with charges for accounting, bookkeeping, and authorized providers. You would even declare a deduction for our authorized plans.

4. What does the Price range imply for my enterprise?

The lately launched 2023 Federal Budget says rather a lot concerning the Authorities’s plans for Australia’s financial restoration. Notably, the precedence is to get Australians in jobs and ease the burden on companies. Some bulletins within the Price range you may wish to ask your lawyer about are:

  • A $23.4 million funding in constructing resilience to cybersecurity threats for small companies
  • An estimated a million eligible small companies to have $325 deducted from their energy payments
  • Assist for small enterprises to undertake synthetic intelligence applied sciences to enhance enterprise processes and improve competitiveness
  • A lodgement penalty amnesty program for small companies with combination turnover of lower than $10 million to encourage them to re-engage with the tax system
  • A halving of the rise in quarterly tax instalments for GST and revenue tax in 2023–24. Instalments will solely improve by 6 per cent as a substitute of 12 per cent

5. How can I recuperate cash owed to my enterprise?

Having money owed owed to you may be irritating, particularly once you’re attempting to stability the books for EOFY. Your lawyer can advise on the right course of to comply with to recuperate a debt, from issuing a letter of demand to lodging a declare in Court docket. 

6. How do I handle worker pay will increase?

The tip of the monetary yr is a typical time for workers to hunt wage will increase. Seek the advice of along with your authorized workforce to plot a method that may both mean you can meet their request or counsel different compensations, guaranteeing you stay aggressive within the upcoming monetary yr.

7. What tax errors will the ATO be cracking down on this yr?

The ATO yearly discloses frequent tax errors they intend to scrutinize. Familiarize your self with these, in addition to any key modifications to tax insurance policies, to keep away from potential issues. This yr, the ATO is anticipated to focus on:

  • Correct record-keeping
  • Claims associated to work-from-home bills
  • Reporting of capital beneficial properties or losses from cryptocurrency buying and selling
  • Secondary revenue or income streams (“aspect hustles”) that haven’t been reported
  • Double-dipping tax deductions

Seek the advice of along with your authorized counsel to make sure you’re compliant with all laws and reduce the chance of misunderstandings with the ATO.

8. How far forward ought to I plan?

Planning forward is at all times sensible, however you don’t wish to plan thus far into the long run you could’t adapt to altering circumstances. Your lawyer can advise on how far forward it’s best to plan your budgets and account for bills corresponding to tax, salaries and common administration.

9. What’s one of the best ways to keep up my information?

Correct document holding goes a good distance with regards to EOFY. Your lawyer can present some suggestions on how your books ought to look all yr spherical, and how one can preserve them.

On the lookout for a approach to handle your entire authorized paperwork in a single place? Take a look at our authorized plans to entry and handle your paperwork at any time, from any system.

10. Are there any modifications to tax legal guidelines I ought to pay attention to?

Tax legal guidelines have a tendency to vary pretty often, notably in mild of the pandemic. It’s price checking along with your lawyer whether or not there are any updates that may impression your online business.