LAW REPORT
Growing your business
Part 3 .
Ingrid Pagura | BA , LLB
In the last two issues of the Law Report I looked at expanding or changing your business following our time in COVID-19 lockdowns and restrictions . In the previous issues I discussed reassessing your business structure and reviewing your business plan , including doing market research to know about your products , customers , and competitors . I then looked at having the correct policies and procedures in place to help your business run smoothly . In this issue I will look at some legal obligations that you should review to ensure the best for your business .
First , know your Codes . There are several Codes that govern therapists , but the major one is the Unregistered Health Practitioners Code of Conduct . This Code covers all health practitioners who are not covered by the Health Practitioner Regulation National Law .
For a copy of the Code please follow this link ( this is to the NSW Code , but each state ’ s is very similar ): Code of Conduct ( https :// www . health . nsw . gov . au / phact / Pages / code-of-conduct . aspx ). Understand your obligations and make sure that you put these in place . Failure to do so can lead to a complaint to the Health Care Complaints Commission .
Second , know your tax obligations . For example , do you need to register for GST ? If your turnover is more than $ 75,000 p . a . you are required to register for it , meaning that you need to charge clients GST , but that you can also claim whatever GST you have been charged . This means you must issue tax invoices and complete a business activity statement ( BAS ) every quarter .
What is your business structure ? Each business structure has its own tax requirements . For example , if you trade as a sole trader , you pay personal income tax , and your business income is not differentiated from your personal income . On the other hand , if you trade as a company , you will pay company tax . For more information please see ATO ( https :// www . ato . gov . au / business / starting-your-own-business / beforeyou-get-started / choosing-yourbusiness-structure /). You must become familiar with your tax obligations to ensure you are not penalised .
If you have employees , you will also have a superannuation obligation , in the form of paying the superannuation guarantee levy . Since 1 July 2022 , if you pay a worker you are also required to pay a guaranteed sum to an eligible employee ' s super fund regardless of their salary . Employees under 18 must work more than 30 hours in a week . Please also note that from 1 July 2022 , the levy has increased to 10.5 % of ordinary-time earnings .
Finally , make sure you keep accurate records of all your income and expenses . This means you need to keep all receipts for any expenses related to your business that you wish to claim . This also includes payments to employees and contractors . You must keep all records relating to taxation and superannuation for 5 years , and employment records for 7 years .
Next , know your responsibilities for protecting personal information . Under the Privacy Act 1988 your obligations to protect personal information may grow . Generally , if your business turns over more than $ 3 million you must comply with the Act , unless you are a private sector health service provider , in which case you must comply regardless of the amount of your turnover .
156 | vol28 | no3 | JATMS