Business Management AOS 1 Unit 2

Registering a business name

The Business Names Act 1962 requires registration of the names of all businesses in Victoria that conduct business under a business name.

Registering a business name - Criteria

Memorable, easy to pronounce and spell, original, appropriate, professional and non-offensive, descriptive and functional

Additional Compulsory Registrations

Steps:
Business Name
Australian Business Number (ABN)
Australian Company Number (ACN)
Business Tax File Number (TFN)
Pay as you Go (PAYG)
Intellectual Property (IP)

Business name

A business name, or trading name, is a name or title under which a person, or other legal entity, trades
Managed by the Australian Securities and Investments Commission (ASIC)

Australian Business Number (ABN)

Unique 11 digit number that partnerships and trusts must
Managed by the Australian Securities and Investments Commission (ASIC)

Australian Company Number (ACN)

A unique 9 digit number that every company in Australia must have.
Managed by the Australian Securities and Investments Commission (ASIC)

Business Tax File Number (TFN)

Issued to individuals and organisations to help manage tax and other services
Managed by the Australian Tax Office (ATO)

Pay as you go (PAYG)

The business must withhold a designated amount of money and send it to the ATO at regular intervals
Managed by the Australian Tax Office (ATO)

Intellectual Property (IP)

Register patents, copyrights, and trademarks to protect their IP so that their rivals cannot simply copy their ideas.
Managed by IP Australia

Registering a Website Domain - Definition

A domain name is a website address or URL that effectively provides an online identity.

Registering a Website Domain - Features

While not compulsory, it is highly recommended that a business registers a domain name
ABN or ACN registration is required for a .com.au web address
Tech companies and businesses also tend to prefer .net.au addresses, while charities and not-for-profit organisations use .org.au.

Trade Practices Legislation - Features

Established by the Australian Competition and Consumer Commission (ACCC) the ACL is compulsory, and

Protects consumer rights
Protects business rights and obligations
Performs industry regulation and price monitoring
Prevents illegal anti-competitive behaviour
Works to ensure that both business owners and consumers are aware of their responsibilities and rights so that all parties are well informed and able to stimulate effective competition.

Trade Practices Legislation - Consumer Guarantees

When a product fails to meet the criteria, a consumer has the right to a refund, repair, or replacement.

Trade Practices Legislation Consumer Guarantees - Goods

Be of an acceptable quality
Be safe to use
Match sample or demonstration models
Have available repairs/spare parts
Be durable.

Trade Practices Legislation - Misleading and Deceptive Conduct

Businesses must not make false and misleading representations to customers about their products, such as

Half truths in advertising
Suggesting that a product has an attribute that it does not have
Stating that a product is made in one country when it is made in another
Using a logo, business name or packaging that is similar to a well-known brand
Overly optimistic claims about a product
False or misleading labels or misleading statements about the characteristics of a product
Offering gifts and prizes with no intention of supplying them
Bait advertising, which is advertising an item when there are only a few available.

Business Tax Compliance

Businesses must pay tax on income, collect income tax from the wages of employees, pay a payroll tax, collect goods and services tax from their sales, submit a business activity statement (BAS) each year and remit tax due on income earned.

Worksafe Insurance

Insurance is a contract in which an individual or entity receives financial .It is a compulsory insurance.

Difference between Worksafe Victoria and Workcover

Worksafe Victoria is the Victorian government’s regulator in the enforcement or health and safety in all workplaces in the state. They assess risks and hazards within businesses, and may close businesses until recommended changes are made.

Workcover is a compulsory insurance scheme that provides employers with insurance cover for the cost of benefits if workers are injured or become ill because of their work.

Public Liability

Public liability protects businesses against damages or injuries to another person or property.