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Regulatory Frameworks and Compliance

   

Added on  2020-07-22

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BUSINESS
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1MAIN BODY ..................................................................................................................................1Registration for setting new business in Australia.................................................................1Registration for Good and services tax(GST) ......................................................................2Approval from foreign investment review board...................................................................3Australian business license and information service(ABLIS)................................................3Penalties for non compliance and breaching any regulations................................................4Government requirements and permissions regarding to Alfresco........................................5Requirements and permits for A frame notice board.............................................................6CONCLUSION ...............................................................................................................................7REFERENCES................................................................................................................................8
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INTRODUCTIONBusiness needs to pay attention of many elements for getting sucessl. For setting a newbusiness regulatory and licensing requirements are essential. Each organisation has to followsome rules which are made by local government. In this report, importance of registrationrequirements will be discussed. The La Carte restaurant will be taken in account which is arecently owned in the Melbourne CBD(Liu and et.al., 2016). Various legal regulations will bedescribed in order to understand the way of running the business in country legally. For non-compliance or breaching any regulation, entity has to pay some potential penalties. Thesepenalties will also be illustrated in this report.MAIN BODY To regulate a business it is so important to know about the monitoring base, financialfunds, men power, number of employees and regulatory and licensing requirements. All thesethings are necessary to work ethically in the industry. Basically licensing, permission,registration depend upon structure and type of business(Clothier and et.al., 2015). The area inwhich restaurant located is also an important and impact on overall working of entity. Thepolitical and environmental conditions has to be analysed by the owner in order to run thebusiness significantly(Licences and registrations, 2017) Registration for setting new business in AustraliaTo start a business at a different place, it is required to know about the each step so thatowner of enterprise can run business in Australia successfully. It is necessary to know regulatoryand licensing requirement of business by owner of The La Carte restaurant.Australian Business Number(ABN)In Australia registration process includes Australian business number(ABN), individualtax file number, business tax file number and pay as you go with holding. Australian businessnumber is a key identification number(Carney, 2015)Licences and registrations, 2017. Businesscorporation uses this number in order to deal with the Australian Tax office.. Claiming backgood and services tax credits can be done so easily if entity is having this ABN. Basically Lacarte restaurant is a sole trader so it is necessary to have its ABN to operate their business inAustralia smoothly. If they do not register for the Australian business number than serviceprovider can not be able to deal with ATO which is the chief authority to handle all tax activitiesin Australia(Hoekman, 2015). 1
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Tax File Number(TFN)It is essential to have Individual tax file number(TFN) by entity. This helpsorganisations to deal with administrator tax and other system of Australian government.Basically it is a nine digit number,Only one TFN number issued by ATO to service providerand this number never get changed even if circumstances get changed. This supports to soletrader with employee, to interrelate organisational functions within system of Australiangovernment. There are two types of TFN number, one is for individual businesses and other oneis for large Businesses(MacDonald and et.al., 2015). Pay as you go withholdingPay as you go withholding is a kind of registration that is necessary to have , it is used byowner when tax is deducted from salary of employee. This is so important for big sizeorganisations because they have large number of employees. This registration is not needed forsmall business or individual firms. La carte is also work as individual entity so there is no needto register for pay as you go withholding(Licences and registrations, 2017). Fringe benefit taxTo register a business firm in Australia, corporation has to get registered for Fringebenefit tax. It is necessary if fringe benefits have bee given to employees by management oforganization. In future if the owner of restaurant wants to increase number of employees thenwith the registration of FBT it can enhance its staff members easily(Licences and registrations,2017). In context to the costs and expenses of cutlery kitchen plates expenses it depends on perperson or seat and the overall restaurant or both. Moreover, estimated cost of the cutlery kitchenplates for the whole restaurant will be worth of $40,000 approximately. Furthermore, whentalking about the seats then average cost of per person is worth of $30. The present restaurant isfor the 220 guests under which total expenditures will be worth of $60 * 220 = $13200 (Pace,2016). Registration for Good and services tax(GST) As per the given scenario La carte restaurant is situated in Melbourne CBD. The owner ofthis restaurant has purchased this and individual has decided to run it as an individual business.There will be 220 seats for the visitors with all the basic facilities. Italian food will be served onthe table to the customers. The restaurant has a bar where they will serve beer, wine and spirits.2
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