Business Law: Taxes, Licenses, Compliance, and Workplace Safety

Running head: BUSINESS LAW
Business law
Name of the Student
Name of the University
Author Note

1BUSINESS LAW
Table of Contents
Part 1................................................................................................................................................2
1.1.................................................................................................................................................2
1.2.................................................................................................................................................2
1.3.................................................................................................................................................3
1.4.................................................................................................................................................3
1.5.................................................................................................................................................3
1.6.................................................................................................................................................4
1.7.................................................................................................................................................4
1.9.................................................................................................................................................5
Part 2................................................................................................................................................5
2.1.................................................................................................................................................5
2.2.................................................................................................................................................6
2.3.................................................................................................................................................6
2.4.................................................................................................................................................7
2.5.................................................................................................................................................7
Part 3................................................................................................................................................8
3.1.................................................................................................................................................8
3.2.................................................................................................................................................8

2BUSINESS LAW
3.3.................................................................................................................................................9
3.4.................................................................................................................................................9
3.5...............................................................................................................................................10
References......................................................................................................................................11

3BUSINESS LAW
Part 1
1.1
A tax file number is issued by the Australian taxation office to a organisations so that they can
manage their tax obligation. The process of registration is different for individuals and
companies. A company for the purpose of applying for a TFN has to do it through Australian
business register website at the same time when applying for ABN. Registration for GST can be
done online or through a registered agent. Registration must be done within 21 days when the
GST turnover has reached the threshold. Registration can be done by calling on phone 1328 66.
Registration can also be done through a registered tax or BAS agent.
https://www.ato.gov.au/Forms/TFN---application-for-individuals
1.2
The taxes which are associated with the business are as follows
1. Company tax- any Australian resident company has to pay company tax at the rate which
is preset by the government. Therefore as a business is registered in Australia we have to
pay company tax.
2. Capital gain tax- capital gain tax would have to be paid by the business in case there has
been some profit through the disposal of an asset. This tax is paid as a part of income tax.
3. Goods and services tax- this is a tax which needs to be paid by the company on most
services and goods which are consumed or sold in Australia. Almost all businesses are
required to register for GST with the ATO.
4. Payroll tax- this tax needs to be paid on the wages paid to the Employees.