4B - Legal requirements for establishing a business

Business name

The title that a business operates under and what customers use to identify the business.

What government commission are business names registered under

ASIC (Australian securities and investments commission)

Website domain

A website address that identifies a business's online site

Where does a business register a website domain

auDA (.au Domain Administration)

Trade Practices Legislation

the law that governs how a business interacts with customers and competitors

Which government commission governs trade practices legislation

ACCC (Australian Competition and Consumer Commission)

Business Tax Compliance

The extent to which and individual or business meets tax obligations

Which government department governs tax compliance

ATO (Australian Taxation Office)

What are some tax obligations

Income tax, and PAYG

What is income tax

the tax individuals and businesses must pay which is calculated from their income

What is PAYG

a system that involves individuals and businesses paying tax at regular intervals

What is a tax return

Documents filled out by individuals and businesses to calculate how much of their income will be taxed

Work safe insurance

Compulsory insurance that assists employers to meet their obligation of financially compensating and supporting employees who become injured or ill because of their work

When does Work safe Victoria provide compulsory WorkCover insurance to businesses

When a business pays $7500 in wages per year.