It's your responsibility as a business owner to understand the laws that apply to your business. The best way to learn about these is to speak with a legal professional.
Some of the common requirements that may impact your business are listed below.
Licences and registrations
Before you open, you must make sure your business has the right approvals.
This can include federal requirements about business and tax registration as well as Territory requirements such as:
- building and planning approvals
- business licences
- council permits.
Some businesses have requirements they must meet under the Privacy Act 1988.
- with an annual turnover of more than $3 million
- trading in personal information
- health service providers.
Find out about privacy obligations for small businesses on the Australian Government's Office of the Australian Information Commissioner website.
If you're employing people then there are obligations you must meet as an employer.
This includes making sure your workers are:
- provided with a safe work environment
- paid and compensated correctly
- not discriminated against.
Read more about workers rights.
Taxes can be complex. You must make sure you're covering all tax requirements for your business.
The taxes you pay and your tax requirements will depend on:
- your business structure and turnover
- if you have an ABN
- if you have employees
- tax credits you're eligible for.
You should get advice about your individual situation from a tax agent or financial adviser.
Find out more about requirements for small businesses on the Australian Taxation Office website.
You may have to register for payroll tax in the Northern Territory if your wage payments go over the monthly threshold.
Read more about payroll tax for employers.
Some types of insurance are compulsory for businesses. This includes:
- public liability insurance
- workers compensation insurance - if you have employees.
Read more about insurance requirements on the Australian Government's Business website.