The EOFY Questions Every Practice Owner Should Be Asking!
As we approach 30 June 2020 in the COVID-19 environment, the questions practice owners need to be asking of themselves and management are different to those of previous years. Here is a list below of some of the questions to ask yourself:
Are we up to date with our creditor and tax office obligations?
What challenges are we experiencing in preparing our annual accounts?
Do we have reasonable grounds to believe the practice is solvent to make the directors' declaration of solvency?
Will we be able to meet our reporting deadlines (eg: issuing of PAYG Summaries must be completed by July 14) or do we need to apply for an extended filing deadline?
Have we carefully reviewed our insurance policies to assess whether there is adequate cover for the legal and financial risks that may arise from COVID-19? What exclusions exist in our policies – are we covered for business interruption and event cancellations?
How will our D&O policy respond to events related to COVID-19? Where could coverage limitations be applied?
Have we spoken to our insurance brokers about our COVID-19 D&O risk and advised them of any anticipated changes in our business circumstances?
Have we taken advantage of all assistance packages available to us, including federal/state packages, financier, landlord and ATO concessions?
Have we checked that our Tax Agent is Registered with the Tax Practitioners Board (TPB)?
Do we need to review our business and/or marketing plans?
Has the practice made and finalised its required superannuation payments, to avoid missing out on tax deductions (noting late payments are not tax-deductible)?
Have we carefully reviewed our suppliers’ contracts or terms of sale and equipment leases?
Have we reviewed and updated our documented policies and procedures to ensure continued relevance and legal compliance.
Have we reviewed our cybersecurity, including; ensuring regular backups of work, cyber insurance; staff training in safe and secure online behaviour?
Need Some Support?
If you’re not sure of your ability to answer ‘yes’ to all of the above, feel free to get in touch with the You Legal team today and we can help you work through any concerns you might have.