SR GROUP
  • Home
  • About Us
  • Services
    • Advisory
    • Debt Management
    • Advocacy
    • Brokers, Accountants & Solicitors
  • Resources
  • News
  • Contact us
    • Contact Us
    • SRG Dispute Resolution

End of Financial Year Checklist

16/6/2020

 
As the end of financial year approaches, it is essential to ensure you check off the many tasks involving your business compliance.  This year there may be additional tasks as a result of the COVID-19 crisis many businesses need to address. 

We have prepared a checklist for businesses to assist you and links to resources for further information. 
  • Accounts
     
    Review Accounts and ensure these have been finalised. Finalise auditing, if needed. ASIC has extended the deadline for Disclosing Entities to lodge financial reports by one month for certain balance dates up to and including 31 July 2020. This is to assist businesses whose reporting processes are taking longer due to COVID-19. However, where possible, businesses are encouraged to continue to lodge within the statutory deadlines.
    See ASIC for more information. 
  • EOFY meetings 
    All required board and shareholder meetings should be held to ensure business needs to be approved by 30 June 2020 are accepted. Meetings can now be held virtually Organisations should consider updating their Constitution at their next AGM to allow for such online AGMs and updates permanently.
    Read more at ASIC. 
  • Business Solvency
    Review whether you have reasonable grounds to believe the company is solvent, and ensure you make the directors’ declaration of solvency. Businesses may need to consider issuing a qualified statement of solvency (depending on their financial circumstances) and whether that is a suitable route to take given the practical, commercial and legal implications. There has been a unique extension of insolvency issues in the extended Safe Harbour Rules due to the effects of COVID-19. For more information. 
  • Trust and Trust Declarations
    ​If you have a trading trust or discretionary trust which have made, or must make, distributions during the financial year, you will need to hold the appropriate meetings and make trust declarations by EOFY.
  • Superannuation Contributions
    Review your super obligations as an employer and if you need assistance with amnesty contact ATO to check your eligibility. 
  • If you are self-employed and not subject to the contribution caps, determine and contribute any excess cash into your fund.
  • Insurance Renewal Season
    Insurance renewals typically run to financial year end, and you should assess whether your insurance coverage is adequate for the legal and financial risks that may arise for the next fiscal year. It is essential you know what exclusions are noted in your policies. You will want to be protected in the event of business interruptions. COVID-19 was an unforeseen business interruption. 
  • Banking and Finance Arrangements
    If you have loans or charges (or similar) from banks or other institutions, check the terms and determine if they have Financial Year covenants or solvency requirements (eg. specific capital or debt ratios, or solvency declarations). Review those matters to determine if reporting to your creditors are required.
  • Commercial Leases
    Most Rent reviews/CPI increases run per financial year. You should understand the timing and terms of your rent reviews (eg. ratchet clause or increase due to changes in CPI). You may also be eligible for the various rental relief packages available due to COVID-19.

While there is an understanding and sympathetic approach to compliance at this time, the obligations on you and your business are still enforceable. If you are facing financial distress with any areas above, we are here to help. Our calls are confidential, and the initial meeting or telephone call is cost and obligation free. 

Please phone us on +61 2 8304 9302 to speak to a dedicated team member. 


Comments are closed.

    NEWSROOM

    In our Newsroom, we share advice, the latest news, financial tips and our case studies. Please enter your email address to receive our monthly news update. 

    Subscribe

    Archives

    February 2022
    September 2021
    August 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    June 2020
    April 2020
    March 2020
    January 2020
    December 2019
    September 2019
    August 2019
    July 2019
    April 2019
    March 2019
    February 2019
    December 2018
    October 2018
    August 2018
    July 2018
    June 2018
    April 2018
    February 2018
    January 2018
    November 2017
    October 2017
    September 2017
    June 2017
    November 2016
    July 2016

    Categories

    All
    2018 Business Tips
    2019-2020 Bushfires
    ACCC
    ACORN
    Advisory Services
    Advocate Susie Bennell
    ASIC
    ATO
    ATO Company Director
    ATO Distress
    Australian Bankruptcy Trends
    Banking Royal Commission
    Bankruptcy
    Bendigo & Adelaide Bank
    Bill Shorten
    Citibank
    Commbank
    Consumer Law Centre
    COVID 19
    Credit Negiotations
    Debt Consolidation
    Debt Negotiation
    Director's Responsibility
    Duty Of Care
    Family Run Business
    Financial Counsellors
    Financial Difficulty
    Financial Distress Assistance
    Financial Fraud Victims
    Foodco
    Franchising Victims
    Great Southern
    Insolvency
    Investment Fraud
    Investment Tips 2018
    Mick De Brenni
    Minister For Revenue And Financial Services Kelly O’Dwyer
    Moneysmart
    New Zealand
    Peter DImitrov
    Pilbara
    Ponzi Schemes
    Prime Trust
    Professional Indemnity Insurance
    QBCC
    Queensland Builders
    Running A Business
    Scams
    Scott Morrison
    SR Group
    St George
    Superannuation Guarantee
    Support Packages
    Susie Barnettt
    Susie Bennell
    The Big Four Banks
    Veronica Macpherson
    Westpac

Privacy Policy
Terms and Conditions
Resources
Contact Us
Complaints
We acknowledge the Traditional Owners of country throughout Australia and recognise their continuing connection to land, waters and culture.
​We pay our respects to Elders past, present and emerging.
​
All contents of this website © COPYRIGHT 2021
​SR Group Holdings Pty Ltd.
  • Home
  • About Us
  • Services
    • Advisory
    • Debt Management
    • Advocacy
    • Brokers, Accountants & Solicitors
  • Resources
  • News
  • Contact us
    • Contact Us
    • SRG Dispute Resolution