Be informed and get professional advice
To start and operate a successful business it is necessary to understand your legal obligations and ensure one hundred percent compliance at all times.
The legal requirements and issues affecting your business include:
- Business name registration.
- The Corporations Act 2001 (for companies).
- Taxation requirements including GST, PAYG withholding, income tax, and company income tax. See www.ato.gov.au
- Award entitlements and the National Employment Standards under the Fair Work Australia legislation that apply to all employers and employees. See www.fairwork.gov.au
- Health, safety and environment obligations under the Work Health and safety Act 2011.
- Privacy and information.
- Workers compensation insurance
- Government licences and permits.
- Payroll tax
- Record keeping for tax
- Copyright, patents, trademark and design intellectual property protection
- Leasing premises. Compliance with the Retail Shop Leases Act 1999.
Some businesses try to reduce costs and administration by breaking the law and not complying with all the legal requirements of operating a business. For example, some restaurant operators pay cash wages to employees to reduce wage costs and save superannuation.
Non-compliance with the laws of the day is not a sustainable or smart way to build a business and can result in the business closing prematurely.