Regulatory and Compliance
Regulatory compliance is an organization's adherence to laws, regulations, guidelines and specifications relevant to its business. Depending on your the industry and type of business, the regulations
Register your company name with ASIC and obtain an Australian Company Name (ACN) with a registered office.
Write agreement to outline roles of contributors, decision making processes, profit sharing terms for all parties.
Write an agreement to govern relationship between you and other partners in your business.
Advise and handle all aspects of trust and estate planning and administration by experienced probate lawyer.
In addition to the Australian Privacy Principles (APPs), some Australian SMEs may also have legal obligations under the European Union's General Data Protection Regulation (GDPR). The world of...
Key Takeaways ATO has rolled out Single Touch Payroll or STP for businesses with 20 or more employees. Businesses are required to report to the ATO every time they pay their employees sending data...
Yes, I think negative gearing should be scrapped... over time... I think a wind down period of 10 or even 20 years maybe, will have a positive effect, couple with making mortgage interest on your own home, principle place of residence, tax deductible, to encourage home ownership... I think it will also lead to higher quality and better considered and designed home building in this country.
SMEs received a few goodies in the budget: extension of $20K write-off for another year, $300 million for states to cut red tape, continued commitment to cut company tax rate. What's missing for SMEs...
It seems that the Budget 2017 does have small business in mind. While there may not be lots of small immediate perks, the budget helps to create a good foundation for small business to thrive.
Last year’s budget announced plans to reduce red tape for businesses. The GST reporting will be simplified starting July this year. What other “burdens” would you like to see scrapped as a small...
I hope I live to see the day when Payroll Tax is abolished.
I cannot understand why taxing businesses for employing people is still OK in this day and age.
Numerous surveys and report have showed again and again that overdue payments are detrimental to small businesses. Sometimes, SMEs face 2-3 month’s in delayed payment after finishing the job. There...
Interestingly, the construction industry in Victoria (and I believe mirrored in many other states) has a form of this called the Building and Construction Industry Security of Payment Act 2002 (VIC) - it is based on the premise that construction contractors already 'cashflow' projects for their clients by expending resources before receiving payment, so it sets a clear set of timeframes for payment or part payment. Failure to pay in accordance with this Act is easily enforceable at the Victorian Civil and Administrative Tribunal or the Magistrate's Court, on the basis that the legislative timelines are very clear and strict.
A core tenet of this Act is 'pay now, argue later' - that is, a client can issue a 'payment schedule' outlining a different (reduced) amount or alternative payment terms but that at least provides protection to the contractor for the agreed amount, rather than putting the whole invoice on hold. If a client doesn't lodge a payment schedule, they are deemed to have accepted the invoice and it becomes very quickly enforceable.
More info at:
As the government tries to reduce the budget deficit, what do you think is the best use of our budget to get maximum economic growth? Where should the money be invested for small businesses?
I think one thing that would be great for all small businesses is reduced redundancy (aka more intuitive processes).
Many times there are multiple applications you have to log in to (everything from filing forms, requests, paperwork, taxes, etc.) Those should be streamlined into a single application (1 username 1 password).
Make all deadlines publicly published and send out systematic, automated emails reminding business owners of the upcoming deadlines.
Eliminating bureaucracy that stands in the way of getting a business officially started would be a great help for many.
I would say one other option would be to provide Innovation Incentive Grants/Funding. If a business creates a service or product that leads to more jobs within that State/Coun.try (of a certain level) or has the potential to make a meaningful (positive) impact on the overall economy
Business agent law are state-based laws - so each state has their own regulations.
In most states, the business agent licences are (stupidly) part of real estate agents licences - so the best place to start of office of fair trading websites in your state.
Also look at Australian Institute of Business Brokers (aibb.org.au)