How do legislations affect businesses?
Before you lay the foundation of your business in Australia, it’s important to understand business law. Many new entrepreneurs hire legislation services to understand the laws and regulations set by the government for the building and running of a business.
The business legislation put in place by the Australian Government ensures the protection of consumers, business owners, community, and the environment. These regulations provide a framework for how a business deals with its suppliers, partners, customers, and other businesses. They also protect the rights of all those involved.
Keep reading to learn more about business law in Australia!
Consumer laws
The Australian consumer law is put in place by the government for regulating contract terms, product safety, consumer rights, unsolicited consumer agreements, penalties, and many other areas. Businesses are required to operate under these regulations to maintain the legality of their operations.
You can find details about Australian Consumer law here.
Competition laws
Australian business legislation provides a comprehensive national framework for fair trading between businesses and their consumers. On top of that, there are also state and territory laws that regulate and ensure consumer protection in certain jurisdictions.
In each state and territory of Australia, there is a fair trading office that provides all the information and advice on the business laws, rights, and obligations to local businesses, so they operate in accordance with the requirements of law.
You can find more about Fair trading laws on the official government website here!
Environmental Regulations
Environmental legislation is an essential part of business laws in Australia. Environmental protection is jointly administered by the Australian federal, state, local, and territory governments. These regulations are put in place to ensure that businesses do not harm the environment with their operations.
If you want a detailed account of business laws concerning the environment, then click here for official resources!
Product Liability Regulations
To regulate product safety and information standards, the Australian government has mandated a set of product safety rules and standards enforced by the ACCC (Australian Competition and Consumer Commission). These regulations ensure that only safe products are sold and traded in the markets of Australia.
To know further details about these rules and regulations, check out the product safety rules and regulations here.
Privacy laws
The OAIC (Office of the Australian Information Commission) regulates the process of collection and storage of consumer information and communication by the businesses. These regulations ensure the safe management of personal and sensitive information of consumers, such as medical and financial records.
Import and Export Laws
If you’re an international business looking to settle in Australia or your business entails importing or exporting goods, then you’ll have to follow the regulations set by the government properly. Australian businesses are encouraged to import and export goods, but not without paying duty taxes and acquiring permits (if applicable).
If you import goods without following these regulations, then the Australian Department of Immigration and Border Protection has the authority to seize them.
Business Activity Statement
Businesses in Australia are required by the Australian Taxation Office to submit a business activity statement (BAS). This statement includes the report of a business’s tax obligations and all the payments made by the business. In some cases, individuals may also be required to lodge BAS.
The BAS requirements are not the same for every business. They can be lodged via mail, electronically, or in person. You can lodge your BAS monthly, quarterly, or yearly, based on the nature of your business and the requirements of ATO.
Stock Exchange reporting
If your company is listed on the ASX (Australian Securities Exchange), then it has to comply with periodic and continuous disclosure rules of ASX. To know more about these requirements, visit the ASX website for listing rules.
Final Thoughts
Business law and legislations play a fundamental role in the establishment and operation of a business in Australia. If you’re a new business owner, you must ensure that you meet all the requirements and follow all the rules and regulations to operate your business legally.
Do you have any further questions? Do you need legal assistance for your business matters? Then contact us now at Chamberlains!