When you’re a small business owner, there are a number of government regulations and compliance requirements you need to stay on top of.
While it may seem challenging to be across all the changes that may affect your business, there are three easy steps you can follow to ensure your business is meeting its legal requirements.
Use subscriptions to stay up to date with changes
Signing up for email updates from relevant government departments or industry associations is a quick and easy way to stay up to date with changes to the business landscape.
As a starting point, we recommend signing up for email updates from:
- Small Business Development Corporation for information specific to Western Australian small business owners.
- Australian Taxation Office (ATO) for the latest on tax and superannuation.
- Wageline to keep up to date with wage information if your business operates under the WA state industrial relations system.
- FairWork Ombudsman for information on wages and workplace information, if your business operates under the national industrial relations system.
The local government authority your business is located in and industry associations relevant to your business may also have regular publications that you can sign up to for regular updates.
Consider automating compliance tasks
There are a range of accounting platforms like Xero, MYOB and QuickBooks that can help you streamline compliance by automating key financial tasks, especially when it comes to your tax reporting requirements, including:
- Goods and Services Tax (GST) reporting: Automatically calculate and submit GST returns to the ATO.
- Accounting and bookkeeping: Track business income, expenses, and generate financial statements for accurate tax records for your quarterly Business Activity Statements (BAS) and other tax obligations.
- eInvoicing: A secure payment method designed to streamline payments between businesses and their suppliers, contractors or clients, using existing small business accounting software. Send and receive digital invoices directly between accounting systems for faster, more secure transactions. Find out more about eInvoicing.
If you employ staff, automating payroll and compliance tasks can save you time and reduce errors. Consider:
- Payroll tax: Automated payroll systems calculate and report payroll tax, ensuring timely and accurate payments, manage the withholding of PAYG tax deductions from employees’ wages and generate accurate reports for submission to the ATO.
- Superannuation payments: Automating superannuation contributions ensures payments are made on time and in the correct amounts. Many payroll systems integrate with superannuation clearinghouses, allowing businesses to submit payments automatically.
- Workplace safety: Depending on the nature of your business, you may consider using software to track workplace injuries and safety issues, file reports with WorkSafe WA, and ensure compliance with Work, Health and Safety (WHS) laws.
Consult experts for professional advice
If you're finding it hard to navigate all of the business regulations that apply to you, you can consider hiring a lawyer or accountant to help.
The SBDC’s free business advisory service can also provide you with general guidance on a range of topics including starting a business, licences and permits, financial management and tax.
Discover what advice is worth paying for in your business.
More information
- Sign up to our fortnightly small business news to get the latest small business information delivered to your inbox.
- Find out more about your legal responsibilities and tax requirements.
- Explore the SBDC workshop schedule for low cost opportunities to upskill and learn more about important topics like finance, tax and legal responsibilities.
- Use our free Business Licence Finder to discover the licences and permits you need to start and run your business.
- Contact our free business advisory service for guidance on starting and running your business.
