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Lecture

AYB205 - Week 1 - Basic Business Matters

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Department
Accountancy
Course
AYB205
Professor
All Professors
Semester
Spring

Description
AYB205 – LAW OF BUSINESS ENTITIES LECTURE 1: BASIC BUSINESS MATTERS Business Structures Sole Trader Partnership Joint Venture Incorporated Trust Company Associated Public Exempt Proprietary Company Company Company Large Small Regulatory Employment Issues  Workplace Health and Safety  ‘Restraint of Trade’ clauses in employment contracts  BAS & PAYG Statements  Fringe Benefits Tax  Payroll Tax (state)  Employment Regulations and Contracts  Awards and Industrial Regulations, e.g. Fair Work Act 2009 (Cth)  Accrued Annual Leave, Sick Leave, Long Service Leave Entitlements  WorkCover o Insurance for workplace accident claims,  May not cover negligent employer behaviour.  Employee Superannuation  Sexual Harassment in the Workplace  Anti-Discrimination Act o s118. A person must not sexually harass another person.  s119. Sexual harassment happens if a person—  subjects another person to an unsolicited act of physical intimacy; or  makes an unsolicited demand or request (whether directly or by implication) for sexual favours from the other person; or  makes a remark with sexual connotations relating to the other person; or  engages in any other unwelcome conduct of a sexual nature in relation to the other person. These factors must be dealt with by all business at some point in their lifecycle. But with small businesses, cash flow is more severely impacted by a failure to plan and manage cash liabilities Start-Up Check List  Australian Business Number (ABN) o Unique 11 digit identifying number used when dealing with other businesses (sales) o Where not included on an invoice, other businesses may withhold 46.5% from any payment to you. o Required in certain dealings with the ATO and other areas of government  Tax File Number (TFN) o Unique number issued by the ATO to individuals and organisations. o Sole traders use their individual TFN  Partnerships, companies and trusts need their own TFN. A TFN can be obtained at the same time as an ABN  GST Registration (GST) - Tax on sale of most goods and services at 10% o Businesses must register for GST if:  Their business has a GST turnover of $75,000 or more ($150,000 or more for non-profit organisations)  The firm provides taxi travel as part of the business, regardless of the GST turnover.  Financial Management Systems o Required to keep records including  Purchases that can be expensed  GST paid and received or deducted against earnings  Employee expenses  Sales and other income  Equity and Drawings  Bank Accounts o For taxation and other income tracking purposes:  Open bank account(s), usually a cheque account in either business owner’s name or Business Name.  Have separate bank accounts for the business income and the business owner’s personal money.
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