Various laws may affect your business as it grows. These can include laws relating to employment and environmental management. You should also consider the following to ensure you meet your obligations.
Review your tax obligations
Growing your business also means more money and in most circumstances, a higher turnover means more tax. You will also need to register for Goods and Services Tax (GST) if your growth means your turnover now exceeds $75 000.
Review your privacy obligations
If your financial turnover exceeds $3 million, you will need to comply with the Privacy Act 1988 in relation to your handling of personal information. You will also need to comply if your business expands into areas such as health service provision, trading in personal information or Australian Government contracts.
Apply for additional licences and permits
Expanding your services or diversifying your products could mean your business needs to comply with additional licences or permits.
Review your record keeping requirements
Under tax law, you must keep records of income tax, GST, payments to employees and other business payments for five years. There are also record keeping requirements for many other measures including workers compensation. Under the Fair Work Act 2009, you need to keep employee information such as time and wages records for seven years.
Posted in: Running A Business