Chapter 5: Legal Requirements and Financial Consideration Flashcards
Domain name
Is the address of a website on the internet
Australian Tax Office(ATO)
Is the governing body which is in charge of administering and collecting tax for the federal government
Progressive tax rate-
Is that the tax rate increases as the individual earns a higher income.
Identify Federal Taxes
- > group tax(PAYG), imposed on employees and taxes from salary or wages
- > GST pm 10% nation tax on goods and services, business must register for GST only if it earns above $75,000
- > Fringe Benefit Tax(FBT), Tax on the provision of a benefit to an employee—such as a car for private use,a low-interest loan— in place of a wage or salary. Imposed on employer.
Identify State Taxes
- > Stamp Duty: placed on documents that give evidence of a transaction, imposed on individual or business
- > Land Tax: Annually levied on the owner of the land.
Work health and safety act 2011(CWLTH)
Is a federal law that provides nationally consistent framework to ensure the health and safety of workers.
WorkSafe Victoria
Is a government agency that aims to reduce workplace injuries and support injured workers.
Code of practise
Is a written set of guidelines that intend to assist business achieve standards placed by government.
Eg. Dealing fairly with customers.
Competition and consumer act 2010
Is a federal law that specifies what business behaviour is acceptable on a wide range of issues, from product safety and prices to the way in which business competes in the marketplace
Australian competition and consumer commission(ACCC)
Is the government body which has the role of enforcing the Competition and Consumer Act 2010 and a range of different legislations, promoting competition, fair trading and regulating nation infrastructure.
Fair trading Act 1999
A Victorian state law designed to complement federal CCA by providing state specific laws.
Consumer affairs Victoria X
Victoria’s government body established to regulate the market place, helping ensure fairness for businesses and consumers.
Seperate entity principle
States that the owner and the business are seperate entities therefore the finances of the owner must be recorded seperate to the business finances.
Financial control system
Are the processes that allow a business to accurately monitor, manage and report its financial position.
Bookkeeping
Is the process of keeping and processing of business’s financial records.
Auditing
Is the process of testing and evaluating business’s accounting processes and internal control
Policy
Is a set of established guidelines to be followed by all employees
Equal Opportunity Act 2010
Is a law that supports organisations to take action to eliminate discrimination, sexual harassment and victimisation
Procedure
Is a series of actions that enable a policy to be put into place.
Robotics
Is the engineering behind the design, construction and application of robots.
Social media advertising
Is a form of online advertising that uses social media channels to deliver targeted commercial messages to potential customers.
Advertisement’s reach
Refers to the number of people exposed to their message
Frequency of an advertisement
Measure the average number of times someone is exposed to its message.
Consumer database
Is a bank of information on existing and potential customers, including such details as their personal details, previous interactions, buying habits and preferences.
