It is time to get on top of your business financials as the new financial year begins so you can implement your business goals for the upcoming year. To ensure your business is healthy: actively review your business’ financials (including your cash flow). It may also be beneficial to see a financial planner to get a holistic view of finances, tips and advice to help set your financial goals and develop strategies to reach them.
If you’re a business owner, you must ensure that you complete and lodge your income tax returns whilst meeting the superannuation requirements. With small businesses, it is essential that you check what record keeping and other tasks need to be completed. For instance, profit and loss statements to show a summary of income and expenses, conducting a stocktake, summary of your record of debtors and creditors, etc.
In some separations, a beloved family pet may be ascribed more value by the parties than many of the other material assets. Despite this, the Family Law Act doesn’t specifically deal with pets. Instead, they are generally considered under the general category of property and so will be allocated under a property settlement in any way the Court sees fit in the event if there is no agreement between the parties.
Divorce and separation are already difficult periods of life, so having to worry about how you can best protect your assets is just another stress-inducing matter to think about. A common misconception is that the partner who stays in the house after separation has a better chance of keeping it when it comes time for a property division. This can lead to a ‘stand-off’, increasing conflict and making the situation more stressful for everyone involved.