For business owners or company directors, there are a few potential legal issues that can prove a surprise. And most of them start with the false idea that corporate governance is only for the big players.
The majority of the 3 million registered companies in Australia have single person director/owners who run their own show.
They will adhere to the basic legal requirements: an Australian Business Number (ABN); pay Goods and Services Tax (GST); have a Tax File Number (TFN); and pay as you go (PAYG) withholding tax.
These are all fairly straightforward. But the role of corporate governance in private businesses isn’t widely understood.
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