Getting up to speed with your legal obligations as a new business owner can be complex, but you don’t need to know everything by yourself.
One of the most important areas you need to become familiar with is tax law. There are plenty of obligations you need to fulfil regarding GST and other taxes including payroll fees, so it is imperative you get up to speed quickly.
Sitting down with a bookkeeper or accountant is a necessity here. Make sure you understand your obligations, even including some smaller requirements like lodging with ASIC.
The next biggest area is industrial relations legislation, an entire area covered by the Fair Work Act. There are plenty of requirements you need to fulfil when taking on staff, including contracts, rates of pay and leave, etc.
The Fair Work scheme is complex and often confusing, but plenty of information is available on the department’s website, and officials are contactable through the Fair Work hotline should you have any questions.
Other major pieces of legislation include occupational health and safety requirements, the Trade Practices Act and when you start hiring employees, laws like the Privacy Act need constant attention.