Top tips to future-proof your business for the new year
On this page:
- 1. Protecting and capitalising on your hard work
- Get the right structure
- Intellectual property
- 2. Employment arrangements
- Audit your contracts and payroll
- Update workplace policies
- 3. Contractual safeguards
- Watch for unfair contract terms
- Evaluate key relationships
- 4. Cyber and privacy
- Secure your data
- Stay privacy compliant
- Refresh privacy policies
- 5. Sustainability and climate reporting
- Adapt to sustainability disclosures
- Avoid greenwashing claims
- Our experts
As the business landscape evolves, staying ahead requires proactive strategies. From employment laws to climate reporting, here are our top tips to help ensure your business thrives in 2025 and beyond.
1. Protecting and capitalising on your hard work
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Get the right structure
Whether you are starting a new business or looking to ensure your current business is set up for success, getting the right business structure is key. If you do it well, not only will it help to ensure your assets are protected, but it can also provide valuable benefits and efficiencies from a tax and governance perspective.
Intellectual property
For most business, one of their most valuable assets is their business IP, but in the midst of the excitement of starting or growing a business or the day-to-day, it can easily be forgotten. Whether it is a business or trading name, a slogan, a logo or other creative work, a unique process or design or some other corporate know-how or expertise, knowing what is valuable, how to protect it and how to enforce your rights when your IP is under threat can be the difference between success and failure and can make all the difference when it comes to securing value for your equity holders.
2. Employment arrangements
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Audit your contracts and payroll
Employment disputes can be costly. Ensure you stay up-to-date with workplace laws and that your employment and contractor agreements are compliant. Pay particular attention to ensuring your employees are correctly classified and paid in accordance with appliable awards and enterprise agreements to avoid prosecution for wage underpayment.
Update workplace policies
Take a fresh look at your policies to ensure they address recent legal changes, including new obligations to manage psychosocial risks and eliminate sexual harassment, sex discrimination and hostile work environments. Commitment to a safe, respectful and inclusive workplace is key to attracting and retaining talent.
3. Contractual safeguards
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Watch for unfair contract terms
Standard form agreements (like supplier or customer contracts) may fall afoul of the unfair contract terms regime. The regime, which was recently revamped to provide greater protections for those on the receiving end of unfair contract terms, imposes significant penalties for breaches – so there is no better time than now to make sure your house is in order. A good starting point is to check if the ACCC has flagged an enforcement focus on your sector and to review their updated guidance on the regime.
Evaluate key relationships
Understanding your key relationships and the basis on which you engage with stakeholders is critical. For the vast majority of key relationships, you would want your arrangements to be documented in writing to ensure they provide an appropriate level of clarity, protection and security not just for you, but for both parties. Documenting your arrangements in this way, doesn’t just serve to protect you when things go wrong, but it also provides a useful and objective measure for success and, if drafted well, can help to promote efficiency and accountability and keep the parties focussed on what is important. Consider reviewing arrangements with employees, suppliers, customers, and other third parties to ensure they are in order and where there are opportunities to improve.
4. Cyber and privacy
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Secure your data
Cyber security is non-negotiable. Review your data security, retention, and deletion policies to protect sensitive information. The assent of the Cyber Security Act in 2024 highlights the importance of staying aware of your obligations when it comes to cyber security.
Stay privacy compliant
Keep pace with changes to the Privacy Act, including changes to the Privacy Act from 2024 which increased penalties for serious breaches and introduced additional requirements for transparency in data collection and usage.
Refresh privacy policies
Your privacy policies should be clear, comprehensive, and legally sound. Incorporate updates to reflect the stricter requirements under the Privacy Act amendments, ensuring customers and employees understand their rights and your obligations.
5. Sustainability and climate reporting
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Adapt to sustainability disclosures
The global push for sustainability reporting is real. Australia has aligned with international standards, including mandatory climate-related disclosures for large businesses under the Corporations Act, which has begun to be implemented from 1 January 2025. This reporting on climate risks and opportunities is to be in accordance with new sustainability standards prepared by the Australian Accounting Standards Board (AASB).
Avoid greenwashing claims
Transparency is key. With increased and ongoing focus from ASIC and ACCC, now is the time to ensure your sustainability claims are backed by robust data to avoid potential greenwashing allegations. The ACCC published guidelines that clarify acceptable environmental marketing practices and penalties for misleading claims.
DMAW Lawyers would be pleased to work with you to ensure that your business is prepared to combat the recent legislative changes and mandatory obligations in 2025 and beyond.
Contact any of our experts listed below for assistance.
This article provides general commentary only. It is not legal advice. Before acting on the basis of any material contained in this article, seek professional advice.
Co-author
Name: Irini Kourakis
Position: Lawyer
Practice: Disputes
Our experts
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