BE A BETTER DIRECTOR: The legal obligations that can surprise business owners

AICD‘Be a Better Director’ is brought to you by the Australian Institute of Company Directors, an internationally-recognised organisation dedicated to directors. With over 35,000 members, AICD’s activities include education, development programs, publications on directors’ and governance issues, and promoting matters of interest to directors. Members range from directors of ASX-listed companies to not-for-profit organisations, family and private companies and entrepreneurial ventures.
Are you prepared for your obligations once you’re at the table? Boardroom photo: Shutterstock.

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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