Business Registration and Licensing:

  • Business Name Registration: Ensure your business name is registered with ASIC if different from your own name.
  • ABN: Confirm you have an active Australian Business Number (ABN).
  • GST Registration: Register for GST if your annual turnover exceeds the threshold ($75,000).

 

Taxation:

  • Income Tax: Lodge your annual tax return with the ATO.
  • GST: Lodge your Business Activity Statements (BAS) and remit GST collected to the ATO.
  • PAYG Instalments: Pay any required PAYG instalments.

 

Financial Record-Keeping:

  • Income and Expenses: Maintain accurate records of all income and expenses.
  • Receipts and Invoices: Keep copies of all receipts and invoices.
  • Bank Statements: Reconcile your bank statements regularly.

 

Consumer Protection:

  • Refund Policy: Have a clear refund policy and provide it to clients.
  • Service Agreements: Use written agreements for all services outlining terms, conditions, and pricing.

 

Privacy and Data Protection:

  • Client Information: Securely store and manage client personal and transactional information.
  • Data Protection Policy: Implement a data protection policy to ensure compliance with privacy laws.

 

Insurance:

  • Public Liability Insurance: Consider obtaining public liability insurance to cover potential claims from clients.
  • Professional Indemnity Insurance: Evaluate the need for professional indemnity insurance.

 

Health and Safety:

  • Work Environment: Ensure your workspace is safe and free from hazards.
  • Emergency Procedures: Have basic emergency procedures in place.

 

Marketing and Advertising:

  • Honest Advertising: Ensure all advertising and marketing materials are truthful and not misleading.
  • Client Testimonials: Obtain and store client consent before using testimonials in your marketing.

 

Regular Compliance Checks:

  • Self-Audit: Conduct regular self-audits to ensure ongoing compliance with all applicable laws and regulations.
  • Updates: Stay informed about changes in relevant laws and regulations.

 

Professional Advice:

  • Consult Experts: Seek advice from accountants, legal professionals, or business advisors when necessary.