5.1 Legal Requirements Flashcards
What happens if a business doesn’t follow government regulations?
The business may loose customers, be fined or loose their right to continue trading.
Who needs to register their business name, and how can they do this?
All businesses must register a business name unless the name of the business is named after the owner/s. The businesses that must register should do so as it will protect anyone from stealing or operating under the same name.
What is a domain name?
A domain name is the website address of a business. A business should create a unique domain name as it allows persons of interest to easily find the business online.
What are all the types of taxations?
Income tax Progressive tax Group tax - Pay as you go tax (PAYG) Goods and services tax (GST) Fringe benefits tax (FBT) Stamp duty tax Land tax
Define income tax
Is a tax placed on an individuals and businesses earnings. A large business will have to pay 30% of profits while a business earning less than $10 million will pay 28.5% of profits.
Define progressive tax
Is a tax that increases as the individuals earnings increase. An example of this would be if a person where to earn $100 000 per year and was raised to $110 000 they would have to pay are larger sum of tax.
Define group tax-Pay as you go tax (PAYG).
Is a tax that is taken directly from the employee’s wage directly. Every employee working in a workplace will incur a PAYG tax.
Goods and services tax (GST)
Is a tax of 10% that is placed on goods and services within Australia. This tax is placed on every employee and business earning over $75 000 in a financial year.
Define fringe benefits tax (FBT)
Is a tax placed on an employee who have use of a car for private use. This is done so the business isn’t wasting their own expenditure on their employees, but are receiving the money back through taxation.
Define stamp duty (state taxes)
Is a tax placed on documents that give evidence of a transaction. This is imposed on individuals and businesses.
Land tax (state tax)
Is an annual tax on the owner of the land. This tax money goes to the government who use it to rehenbirst into the economy.
When did the work health and safety act 2011 come into place?
1st of January 2012
What does the work health and safety regulations outline?
It outlines that businesses must protect employees from harm, safety and wellbeing. It also states that businesses must continue to improve their health and safety regulations.
What is Work Safe?
Is a government agency that reduces workplace injuries through their occupational health and safety (OH&S) regulations. Work safe can be called to inspection or might randomly show up on any given day.
Define occupational health and safety (OH&S)
Is an act that reduces the risk of workplace injuries. This act is important for businesses to follow as it will ensure the business is free from paying any “recovery” costs involved for an employee if they were to have a workplace accident.
Define code of practice
Is a written guide line outlining businesses on how to deal with consumers in a proper manner. It’s important a business implements this into their own business to create a positive and healthy bond between customers and the business.
What is the competition and consumer act 2010
Is a federal law that outlines what a businesses behaviours are acceptable and unacceptable. If a business was not to bide by these laws than they could loose customers and the right to trade.
Define consumer affairs Victoria
Is Victoria’s Government body established to regulate the marketplace. This provides fairness between businesses and consumers.
