With the end of financial year now only a couple of days away, it is time to check that your compliance requirements have been met. Law Central has a number of documents to assist.

Family Trusts:

• Ensure that your trust deed is compliant with the latest Streaming and Bamford rules - here

• Prepare distribution minutes for any trust income

  • For individual trust deeds - here

  • For Accountants preparing minutes for their clients - here

• Vest any unused trusts - here

SMSFs

• Ensure that you have a complying Investment Strategy - here

• Ensure your deed reflects the latest legislation - here

• If a Pension was commenced during the year, ensure it is correctly documented - here

• If you trade in derivatives, make sure this is properly documented - here

Companies

• Ensure your constitution reflects the current dividend rules - here

• Consider any Division 7A loans made throughout the course of the year - here

Small Business

• Consider any debts owed to you that you wish to write off at year end. Have you explored all options of debt recovery? - here

For those that are burning the midnight oil, the good news is that Law Central operates 24 hours a day, so there is still time to prepare your documents before 30 June.