EOFY Checklist from RNG Lawyers 2024

As we approach the end of the financial year, it's essential to ensure that all your legal and financial affairs are in order. Use this checklist to make sure you’ve covered all the critical areas:

1. Contact Financial Advisors and Accountants
   • Discuss superannuation and tax planning strategies.
   • Ensure all relevant deductions and offsets are maximized.
   • Review your investment portfolio and consider any necessary adjustments.
2. Review Binding Death Benefit Nominations
   • Confirm that your Binding Death Benefit Nominations are still current and reflect your wishes.
   • Update any nominations if there have been changes in your personal circumstances.
3. Review Estate Planning Documents
   • Ensure your Will is up to date and accurately reflects your current intentions.
   • Review and update Powers of Attorney, including medical and financial.
   • Check any Advance Health Directives to make sure they are current.
4. Review Your Trust Deeds
   • Examine trust deeds to ensure they are compliant with current laws.
   • Update any terms or provisions as necessary to reflect changes in legislation or your intentions.
   • Confirm that all trustees are aware of their responsibilities and any changes.
5. Organize and Review Financial Records
   • Gather all financial records, including income, expenses, and investment documents.
   • Ensure all records are accurate and complete for tax reporting purposes.
   • Consider digitalizing records to enhance accessibility and reduce paper usage.
6. Update Insurance Policies
   • Review all personal and business insurance policies to ensure adequate coverage.
   • Update beneficiary information if necessary.
   • Consider any changes in your circumstances that might require policy adjustments.
7. Evaluate Business Structures
   • If you own a business, review its structure to ensure it remains the most tax-efficient and effective for your goals.
   • Consult with your financial advisor about any potential restructures or changes.
8. Plan for the Next Financial Year
   • Set financial and personal goals for the upcoming year.
   • Develop a budget and financial plan to achieve these goals.
   • Schedule regular check-ins with your advisors to stay on track.
9. Stay Informed About Legal and Regulatory Changes
   • Keep up to date with any changes in legislation that may affect your legal and financial situation.
   • Consult with RNG Lawyers to understand how these changes might impact you and what actions you should take.
10. Ensure Compliance with ATO Requirements
    • Verify that all ATO obligations, including tax returns and BAS statements, are up to date.
    • Check for any outstanding debts or obligations and arrange for payment or settlement if needed.

By following this checklist, you can ensure that your financial and legal affairs are in excellent shape as you move into the new financial year. If you have any questions or need assistance, please contact RNG Lawyers on (03) 9739 7377. We’re here to help you navigate these important tasks with ease.