4.3 - Legal Requirements

Question 1

Taxation Compliance

Answer 1

Is about a business providing accurate and relevant numbers to the ATO and the provision of the Income and Goods and Services Taxes.

A business should have solid record-keeping strategies for its finances to have these figures ready when needed.

Question 2

Business Activity Statement

Answer 2

Any business registered for GST must complete a business activity statement (BAS). This is a form submitted to the ATO to report a business’s taxation obligations.

Good record-keeping strategies for a businesses finances will help a business have its BAS ready when needed.

Question 3

Work Health and Safety Regulations

Answer 3

Under the Work Health and Safety Act, a business owner must ensure the health and safety of workers while they are at work in the business. To do this a business owner should have processes in place to check if the equipment is operating correctly to ensure that the working environment is safe for the staff.

Question 4

Consumer Protection and Fair Competition

Answer 4

Australia has both federal and state laws in place to ensure that businesses and consumers are protected from unfair trading practices. A business owner must abide by trade practices legislation when establishing their business, in order to avoid being fined. The business should make sure to follow these practices.

Question 5

Health and Safety Practices (only for businesses involved with food)

Answer 5

A business has to make sure that its product meets Health and Safety standards. To do this, the business needs to make sure that the processes that are used to store, produce and transport the product, follow practices that support the current health standards.