4.2

• All business owners have a legal obligation to observe the statutory

  regulations when commencing and operating a business.
• Businesses that do not obey the law risk losing customers and their

  reputation, being fined, or losing the right to continue trading.
• Businesses can evaluate their performance according to the extent

  to which they have observed laws and regulations.
• Australian Securities and Investments Commission (ASIC) is responsible for a national business registration services.
• Businesses need to register their business name, except when it is the name of the owner.
• The owner must have an Australian Business Number (ABN) or an ABN application references number to apply for a

  business name.
• A key element of a business’s online presence will be the domain name, which is the address of its website on

  the internet.
• A business can register multiple domains to help its customers find them more easily and to prevent other

  businesses from registering a similar domain name that might confuse customers
• A business can see whether a domain name has already been registered by checking the registry online.
• Domain names can be registered through resellers and registrars by visiting the Australian Domain

  Administration website.
• Taxation is a means by which the government finances its expenditure by

  collecting money from individuals and businesses.
• The Australian Taxation Office (ATO) is the government body in charge of

  administering and collecting tax for the federal government.
• Federal income tax is levied on the

  taxable income of an individual or a

  business.
• There are many other federal taxes

  that apply to businesses, depending

  on their activities.
• Any business registered for GST must

  complete a business activity statement (BAS).
• This is a form that is submitted to the ATO

  to report on a business’s taxation obligations.
• Local governments have control over the following business activities:

  • land zoning and the purpose for which a building or land can be

  used

  • new development applications and alterations to existing premises

  • fire regulations, especially the provision of adequate fire-prevention

  facilities
• Local government ensures that activities that do not

  belong together (e.g. factories and residential areas) are

  kept separate.
• Local government also ensures compliance with

  health regulations under the Food Act 1984 (Vic.).
• A business must ensure that it is familiar

  with all of the various legal requirements

  that may affect it, as failing to do so can

  have serious consequences for the business

  and its owners.
• A business must legally register a business

  name and domain name, and comply with

  tax regulations.
• Businesses must comply with local

  government regulations