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Corporate Woman's Checklist

16 April 2012

As a Business Services Practitioner and Trusted Advisor, my role is to support my clients embracing change with their family businesses.  In my experience, it is a tendency for Women in Business to put their own needs and requirements at the bottom of their list. Choosing the right advisor will assist you with juggling the work/life balance and save valuable time.  The following checklist may lead you to conclude some relationships and housekeeping are not in order. It would be an absolute privilege to have the opportunity to work with you, your business and your family.

1.Does your accountant have a good working relationship with all your trusted advisors?  To ensure a holistic approach is taken in relation to your financial and taxation affairs, it is important your accountant/tax agent project manages the relationships between the lawyer, stockbroker, banker, financial planner, insurer?  

2.Do you have current Will/EPAs?  If you have recently been married, did your will (at the time) contemplate marriage?

3.Do you have sufficient insurance cover (life, TPD, income protection, trauma, health)?  Are you possibly under/over insured?  Does your employer offer group cover under your employment contract? 

4.When was the last time you reviewed your superannuation member’s statement?  Have you updated your change of address over the years with your public offer funds, you may have unclaimed or lost superannuation? Do you need guidance with a superannuation contributions strategy? 

5.Are your tax returns current and up to date?  Do you have tax planning/review meetings? Have you considered salary sacrifice arrangements? Do you need to supply information to financiers? Do you have access to before/after hour appointments at your location preference to assist you with managing work/family commitments?

6.Do you have a net wealth accumulation plan that is in line with your underlying values that is achievable, adaptable and most of all being monitored by your trusted advisors?

7.Do you have net household medical out of pocket expenses of more than $2,000 per year (GP, optometrists, physio, dental, obstetrics...the list goes on)?  Diarise to order a tax statement in July each year from your health insurance provider, medicare and your local pharmacist to assist with tax return preparation. It is an easy tax rebate to claim (but often overlooked).

8.Do you rely on external child care or are you planning a family and wanting to maintain a career?  There may be concessions available that you are not otherwise aware of.  If child care centres do not cater for your family work arrangements (non standard work hours/long professional hours), there are avenues to claim the child care rebate outside the traditional child care system. 

9.Do you ever lay awake at night worrying about your family financial affairs or your business affairs?  Have you experienced a life event that requires you to be financially independent for your family (change of career direction for you/your partner, matrimonial considerations, health impact on family?).

10.In your current role, have you ever desired the engagement from another like-minded professional to bounce around ideas or point you in the direction of a quality referral?

Kylie Lamprecht
Business Services Partner
Direct Line (07) 3222 8437