Real life stories: lessons learned - Peter Vickers Business Group
17 Mar 2017 |
Novelists write the best books from real life stories. The same applies to financial decision making. We will never identify clients and we change the details to maintain confidentiality. However, we have a further problem in a post like this where we do not want to upset a reader that may recognise some of the situations as theirs.
Here are some of the lessons that we can learn from these stories:
- What happens if you get dementia? Has someone got you enduring power of attorney?
- You need a will and you need to give your super fund a death benefit nomination if you have a complex or blended family. Accidents can happen and you could lose all or part of your family’s income.
- Will there be a life insurance benefit to be received?
- Your estate needs to be prepared for your unexpected death.
- Got a complex trust structure or lots of contractors?
- Will the Office of State Revenue have an opportunity to challenge these arrangements in a payroll tax audit?
- Are you paying your tax and employee’s super on time?
- Do you thus risk being declared bankrupt?
- Have you got well-written contracts with your customers?
- Do you risk not being able to sue for payment of outstanding debts?
- Are you monitoring the size of your customers’ accounts with you?
- Will your account grow so big that the customer does not have the resources to pay you.
And the worst mistake of all? Being too miserly to get professional accounting advice and thus making all the above very costly mistakes.
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