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Small Business Will Benefit by Spending Less Time and Money on Compliance

10 Jan 13

ASIC understands that business have numerous legal obligations. They are accountable to a number of Commonwealth and state regulatory agencies.
Consequently, when it comes to knowing, understanding and complying with their obligations, small businesses can be at a disadvantage. Unlike large operations, small businesses may not have the financial resources to obtain advice about their legal obligations or to employ staff to manage compliance.

Therefore, AISC is seeking to understand how business owners want to be provided with material that will help them understand and comply with their obligations. By reducing the red tape involved in compliance, operators of small business will benefit by spending less time and money on compliance, which can be better spending on growing their business.

One of ASIC strategic priorities is efficient registration and licensing, with a focus on small business. Complying with legislative obligations does not cease once a business is registered and we are aware that due to the challenge faced in operating a small business, many business owners may not have the time to understand and comply with their obligations.

ASIC will develop a strategy that will be educational and will provide tools for small businesses to make it easier for them to know, understand and comply with their compliance obligations.

The strategy will also assess risks by identifying small business sectors/industries that are intentionally deficient in their compliance obligations. The purpose is to implement regulatory actions that aim to change the attitudes and behaviors.

Small business account for 96 per cent of all business and employ half the Australian workforce.  They are ultimately ASIC’s biggest customers, hence the importance of this project.



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