Introduction to Business Law for Australian Entrepreneurs

– Part 3 of 4 Instalments

This is the third instalment of our guide to essential aspects of business law that business owners on the Gold Coast should know.

Follow these links to read the other 3 instalments:

Part 1 – includes Business Structuring

Part 2 – includes Consumer Law & IP Protection

Part 4 – includes Disputes, Legal Challenges & Business Law Resources

Employment Law for Australian Businesses

Every Australian business owner needs to familiarise themselves with employment law and the relevant legislation, such as the Fair Work Act 2009.

Employment law sets out the rights and obligations of both parties in the relationship employers have with their employees. This is crucial to maintaining a fair and productive work environment and avoiding legal disputes.

Compliance is essential. Especially important are key employment standards that include minimum wages, maximum working hours, leave entitlements, and protection against discrimination and unfair dismissal.

Workplace health and safety

Workplace health and safety is your legal obligation as an employer. It’s important to provide a safe and healthy work environment for your employees.

Your health and safety obligations include identifying and managing workplace hazards, as well as providing appropriate training and supervision. You will also need to maintain records of incidents and injuries.

Employment contracts & policies

Your business needs to have proper employment contracts and policies in place.

Employment contracts should clearly outline the terms and conditions of employment — including compensation, working hours, leave entitlements, and termination provisions.

Non-disclosure agreement (NDA) is often included in employment contracts.

Policies, such as codes of conduct and harassment policies, provide guidance and set expectations for employees.

Tax Obligations for Australian SMEs

As a business owner, you will need to understand your tax obligations.

The Australian tax system is complex and constantly evolving. Changes may affect your business, so seeking professional advice can help ensure you stay updated.

Complying with the relevant legislation is necessary to avoid penalties and ensure the financial health of your business.

ABN & TFN

For tax compliance, an Australian Business Number (ABN) and a Tax File Number (TFN) are essential.

An ABN is a unique business identifier, while a TFN is a personal identifier. These numbers are used for various taxation purposes, such as lodging business activity statements (BAS) and paying goods and services tax (GST).

Depending on the nature of the business, you may also need to register for other taxes, such as the Pay As You Go (PAYG) withholding system, which requires employers to withhold tax from their employees’ wages and remit it to the Australian Tax Office.

GST

When you are in the business of selling goods or services, you will need to charge and remit GST.

You’ll want to claim all eligible deductions and credits. And to back this up, you’ll want to keep accurate records of your business transactions and expenses, including invoices, receipts, and bank statements.

In the next instalment

In the fourth instalment of our Introduction to Business Law for Australian Entrepreneurs, we will talk about disputes, legal challenges, and resources that are available to help you navigate the complexities of the legal landscape.

Read Part 4 now.

Feel free to contact us today at Ballantyne Law when you need plain-talking advice on all aspects of business law.

Addressing your legal concerns, our commercial, estate and property lawyers will take the burden off your shoulders. 

Contact our reliable lawyers on the Gold Coast now.