Lesson 6
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Every business must comply with various legal requirements regarding registration, licensing, naming, taxation, and employing staff. There are over 700 licenses that may need to be obtained from state websites, and all businesses must register a unique business name with the department of fair trading and obtain an Australian Business Number. When employing staff, businesses must pay appropriate wages according to full-time, part-time or casual status, withhold tax, contribute to superannuation, and hold workers compensation insurance.
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Lesson 6
- 1. Business Legal Requirements Every business who sells and buys goods and services is affected by laws
- 2. Registration and licensing There are over 700 licenses that can be issued to business in order to operate. Restaurants, hairdressers etc must have a licence to operate. In QLD owners must go to the website www.sd.qld.gov.au/dsdweb/htdocs/slol HAVE A LOOK AT THIS NOW PLEASE
- 3. Registering the business name Laws cover the names businesses use. Business must not use the same name as another business. Names can be searched using the department of fair trading web page www.fairtrading.qld.gov.au GO TO THIS NOW and click on the names search section
- 4. ABN All businesses in Australia must be registered for an ABN. (Australian Business Number) Once this is done businesses can then choose to register for GST if they earn over a specified amount $70 000
- 5. Employing Staff Many factors influence how staff can be paid Full Time Part Time Casual Contracts Other factors employers must take into consideration include PAYG – Pay as you go tax which is tax withheld from wages Employers must also contribute 9% super and have workers compensation insurance.
- 6. ASSIGNMENT Teacher will now distribute the assignment for you to look at