legal requirements to start a small business

Young adults working in retail, fast food and pharmacies are set to receive a pay rise, after a decision by the Fair Work Commission described as “up there with the introduction of equal pay for women in the 1970s”. The commission moved to abolish junior pay rates for young adult employees while maintaining them for minors, but the staged changes won’t come into effect until December. Hearing from more than 80 witnesses across the three industries, it determined that employees aged 18 to 20 should no longer be subject to “discounted” junior rates. Terri Butler, deputy president of the Fair Work Commission, said in making the decision, it considered whether there was any difference in the value of work performed by junior employees and other employees in the same classifications under the same awards. “We have been particularly interested in the extent to which junior rates serve or do not serve the interests of children and young people,” she said. “Young teenagers who are trying to get their first job usually wanting to balance work with secondary education, can benefit from being able to accept discount rates compared with older people doing the same job.” Terri Butler is the deputy president of the Fair Work Commission. (AAP: Darren England) It decided not to vary the rates for employees who are still minors under 16. “They are in a position of particular vulnerability and greater labour market disadvantage,” Ms Butler said. “We consider that, among the other matters we’ve taken into account, there are strong fairness reasons for allowing them to continue to accept discount rates, to get their start in the workplace, gaining valuable experience.” Under the changes, it is estimated around half a million workers will be eligible for the pay rise, according to ABS data.  The ruling addresses an application to vary junior rates under the General Retail Industry Award, the Fast Food Industry Award, and the Pharmacy Industry Award. There will be a phase-in period of up to four years and the first wage adjustments are scheduled to begin in December.  ‘Landmark decision‘ “Junior pay rates” applied to people below the age of 21, meaning 18-year-olds were paid 70 per cent of the award rate, 80 per cent for 19-year-olds and 90 per cent for 20-year-olds.  Under the commission’s ruling, the rate for 18-year-olds will increase by 5 per cent each year until 2029, bringing it in line with an adult wage. Larger businesses previously claimed the case would have a “totemic” impact to the structure of employment. Big employers like McDonald’s and Coles are often stepping stones to full-time employment, with Woolworths alone providing about one in eight Australians with their first job. Woolworths alone provides about one in eight Australians with their first job. (ABC News: Simon Tucci) Advocates have argued youth should be paid adult ages because you can enlist in armed forces at 17, and can vote, drive, drink alcohol and smoke from 18. National Secretary for the Shop, Distributive and Allied Employees Association (SDA) Gerard Dwyer said it was a “landmark decision, up there with the introduction of equal pay for women in the 1970s”. “It may take longer than we would have liked, but the principle has been established that no longer will 18-year-olds be treated as second class citizens,” he said. “Their work is as valuable as anyone else’s and before too long they will be paid accordingly.” The National Union of Students said when students were underpaid it directly impacted their ability to succeed at university. “This is a real win for young people. Ending junior rates means fairer pay for the work they’re already doing and takes some pressure off students balancing work and study,” National president Felix Hughes said. Related Reading Fair Work Ombudsman Explores AI to Cut Through Red Tape Bookkeeping Services in Australia: What s Included, What They Cost, and How to Choose What Should a Small Business Accountant Actually Do for You? Looking for a small business bookkeeper? True Tally provides fixed-fee bookkeeping, BAS lodgement and payroll support for small businesses across Australia.

This page provides a summary of your upcoming anti-money laundering and counter-terrorism financing (AML/CTF) obligations. On this page New regulated services Key obligations summary 1. Enrol and register with us 2. Develop and maintain an AML/CTF program tailored to your business 3. Get your staff ready 4. Conduct customer due diligence 5. Report certain transactions and suspicious activity 6. Make and keep records Clear protections for legal professional privilege Related pages New regulated services From 1 July 2026, AML/CTF obligations will apply to certain services typically provided by the following professions and businesses, known as tranche 2 entities: real estate professionals – such as real estate agents, buyer’s agents and property developers dealers in precious stones, metals and products lawyers conveyancers accountants trust and company service providers.  More virtual asset-related services and intermediary transfer message services will also come under AML/CTF regulation from 31 March 2026. To check if you provide services that will be regulated under these changes and have AML/CTF obligations: use the online tool to check if you may be regulated visit our new industries and services to be regulated page. For information on the services we already regulate visit who and what we regulate. We’ve developed education resources to help you implement effective AML/CTF measures. You can subscribe to stay updated on AML/CTF reform. Key obligations summary The key obligations for businesses regulated by us are to: Enrol and register with us. Develop and maintain an AML/CTF program tailored to your business. Get your staff ready to implement your obligations. Conduct initial and ongoing customer due diligence (CDD). Report certain transactions and suspicious activities. Make and keep records. In meeting your obligations, the relevant laws also provide clear protections for information that may be subject to legal professional privilege. Understanding and meeting your obligations is essential to protect your business from misuse by criminals and make sure you comply with Australia’s AML/CTF laws. 1. Enrol and register with us If you provide a designated service with a geographical link to Australia you must enrol. Enrolment opens 31 March 2026 for newly regulated industries and can’t be done earlier. If you’re a remittance service provider or virtual asset service provider, you need to enrol and apply for registration. If you’re already enrolled or registered, you must update your enrolment and registration details to include any of the new designated services you provide from 31 March 2026. You must also continue to update us when your enrolment or registration details change. The Department of Home Affairs is considering whether transitional rules should be made to extend the deadlines for enrolment and registration mentioned below. This guidance will be updated if any transitional rules are made. Enrol Enrolment involves providing basic information about your business, such as its: structure services key personnel contact details. You must also update your details when they change. You must submit your enrolment application no later than 28 days after the day you start providing a designated service. If your business provides any of the newly regulated virtual asset services or intermediary transfer message services, these new laws start 31 March 2026. This means you’ll have until 28 April 2026 to enrol. If you provide any other newly regulated designated services, the new laws start on 1 July 2026, and you must enrol by 29 July 2026. Register You must not provide an existing regulated virtual asset or remittance designated service before you’ve registered with us. This obligation applies to newly regulated virtual asset services from 31 March 2026. Criminal penalties apply for non-compliance. Learn more about enrolment and registration and the consequences of not complying. 2. Develop and maintain an AML/CTF program tailored to your business An AML/CTF program protects your business from criminal exploitation through money laundering, terrorism financing and proliferation financing. It helps you fulfil your obligations and contributes to a safer Australian financial system. Your program must contain both of the following: A risk assessment: you must identify and assess your money laundering, terrorism financing and proliferation financing risks (we refer to these as ML/TF risks). AML/CTF policies: you must develop and maintain appropriate policies, procedures, systems and controls to manage and mitigate your ML/TF risks and comply with your obligations. Your program must be documented and approved by a senior manager of your business. It must be kept up to date, including to reflect significant changes to your business and relevant ML/TF risk products we release. It must also be independently evaluated at least once every 3 years. Reporting group If you want to share the costs of compliance with other businesses and fit within the framework established by the Act and Rules, you may be able to do so within a reporting group. Entities in a reporting group share some or all risk management and compliance arrangements. This includes those set out in a group AML/CTF program established by a lead entity of the group. Note that obligations apply differently to foreign branches and subsidiaries. Learn more about: your AML/CTF program obligations reporting groups. 3. Get your staff ready Preparing your staff is critical to help you meet your AML/CTF obligations. This includes making sure of all of the following: they’re fit to perform their roles they understand their obligations your business has strong governance and oversight in place. Governance Your AML/CTF program must be subject to appropriate governance arrangements. Strong governance and oversight help protect your business from criminal exploitation and support a culture of AML/CTF compliance. Your AML/CTF governance structure must clearly identify 3 roles: Governing body: has primary responsibility for your governance and executive decisions, empowers the AML/CTF compliance officer and oversees compliance at the highest level. Senior manager or managers: approves key AML/CTF compliance decisions. AML/CTF compliance officer: manages day-to-day AML/CTF compliance and makes sure policies and procedures are implemented. These roles are usually held by different people, but in smaller businesses, one person may conduct multiple governance responsibilities. Learn more about governance. Conduct personnel due diligence and provide AML/CTF training Personnel due diligence and training ensure the people performing AML/CTF