unit 2 chapter 4 and 5 Flashcards
Australian Businesses must comply with __________ that protect ______________
- laws that promote fair business practices and protect workers, consumers and businesses
- manintaing financial requirements
- and achieve this by developing polices and procedures
types of legal and governement regulations
-licences, permits, approvals and statutory regulations
business name registration (legal requirment)
- must register with Australian securities and investment commision if the name is different to owner
- ABN is must have
protecting business name
to protect business name it should be registered as a trademark with I.P
-companies can register as a private or public
registering a domain name
=a website address or a domain name is important for promoting a business and making it more accessible
taxation regulations
businesses and individuals are taxed on income, captial gains and goods and services
ATO
the australian taxation office collects and administers tax for the federal government
- businesses must apply for a tax file number
businesses income tax
30% for large businesses or 27.5% for turnover less than 50 million
individual income tax
is porgressive as income increases
business acitivity statement
reports of taxation obligations must be lodged periodically with the ato
work health and safety regulations
employers must ensure health and safety of works while they are at work
-commonwealth work health and safety act (2011)
worksafety insurance (workcover)
is compulsory for victorian employers
it covers the cost if employers become injured or sick due to work
worksafe victoria
overseas workcover and ensures employers are not breaching health and safety laws
consumers protection and fair competition
commonwealth competition and consumer act (2010)
ensures businesses and consumers are protected from unfair trading practices
ACCC
Australian competition and consumer commission enfores the act by ensuring safety of products and controlling pricing and competition between businesses
code of practice
are guidelines for dealing with customers and must be followed to avoid large fines
consumer affairs victoria
overseas consumer law in victoria ensuring businesses follow the australian consumer law and fair trading act 2012
anti-competitive practices that are illegal
- cartels - businesses agree to act together
- misuse of market power- lessening competition
- exclusive dealing - impose unfair restrictions
- resale price maintenance - supplier sets price
- mergers and acquisitions - when limit competition
the australian consumer law
the law that stops misleading and illegal practices
deception, such as false advertising
unconscisionable conduct
unfair contract terms
false statements
offering gifts and prizes and not providing them
bait advertising
pyramid schemes, recuriting people to sell goods
referral selling, customers are offered benefits
lawful sales practices
- unsolicited consumer agreements for example door to door sales
- lay by agreements- must be in writing
- proof of transations and itemised bill on request
consumer guarantees
rights and obligations that protect consumers
local government regulations
control land zoning (land use), parking, fire prevention, health regulations and new developments and upgrades to buildings
zoning regulations are inplace to ensure resisdential and business, industrial factors are seperated
local concils involved in planning
councils ensure businesses comply with health regulations under food act 1984
must meet standards to obtain/retain licence
the levels of government
federal- income tax and company tax, gst , bas, immigrations laws
State - workplace health and safety. land tax, business development
Local- land zoning, parking regulations , signage, development applications
