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Government Influence on Business

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by

Danielle Lamborn

on 6 November 2013

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Transcript of Government Influence on Business

Taxation
Tax is a large factor that influences the operations of a business. We see through tax, the government can influence a business to conform to the way it desires businesses to operate.

Some of the taxes that a business is required to pay annually include:
Company Tax
: Similar to income tax but paid by a company. Is calculated by the amount of profits the company makes. Is also payed to the federal government.
Fringe benefits tax (FBT)
: The tax comes out of benefits business provide to a employee, both monetary and non-monetary. Is paid by the employee at a rate of 48.5%. is also payed to the federal government.
Group Tax:
Is a tax that comes out of the employees salary/wage and is coordinated by the business. The tax is also payed to the federal government.
Goods and Services Tax (GST)
: Demands 10% of the sales of most goods and services also payed to the federal government.
Capital Gains Tax
: Imposed on the profits of all sales of assets. This tax is also paid to the federal government.
Stamp Duty
: Taxation that demands payment on all documents that record transaction most commonly recognised in the transfer of property from one owner to another. This tax is payed to the NSW government.
Land Tax
: A tax imposed on land owners but excludes land dedicated to primary production or other rural areas. This tax is payed to the NSW government

Environmental Policy
Social Reform
Government policies seek to reflect the general opinion of the people. Businesses therefore must conform to these policies,
usually relating to their human resources
.

Eg. Paid Parental Leave
The paid parental leave is a scheme which targets employees who also have a parenting role. The scheme provides financial support for parents to care for newborn or adopted children for up to 18 weeks.
Government Influence on Business

Government have a copious amount of influence on business. They both
impose taxes
upon them and produce
guidelines
that
regulate
the
operations
of business
through policies
. These policies are
enforced by statutory bodies.
Government Bodies
A statutory body is one set up by a government and given the authority to enforce different legislation (law) on behalf of the country (Australia) or state (NSW). Each government statutory authority is usually based on specific legislation or act.
An example of this is The ACCC
ACCC= a government statutory authority that is responsible for the regulation of competition between businesses, fair trading, as well as consumer protection. The main act which the
ACCC operates through is the ‘Competition and Consumers Act 2010’
. The ACCC promotes fair trading as well as competition between business that will benefit Australian consumers, as well as strengthening the national economy


Policy
: a course or principle of action adopted or proposed by an organization or individual.
Rules:
one set of explicit or understanding regulations or principle governing conduct or procedure
Framework:
a basic structure underlying in a system, concept or text.
Corporations
: a large group of companies authorized to act as a single entity and recognized as such in law.
Taxations:
the levying of tax (money paid in tax)
Economic Policy:
A government policy for maintaining economic growth of tax revenues.
Protocol:
the official procedure or system of rules governing affairs of state or diplomatic occasions.
Legislation:
Laws, considered collectively.
Distributive Policies:
Distributive policies extend goods and services to members of an organization, as well as distributing the costs of the goods/services amongst the members of the organization. Examples include government policies that impact spending for Welfare, Public Education, Highways and public safety, or a professional organization's benefits plan.
Regulatory Policies:
Regulatory policies, or mandates, limit the discretion of individuals and agencies, or otherwise compel certain types of behaviour. These policies are generally thought to be best applied when good behaviour can be easily defined and bad behaviour can be easily regulated and punished through fines or sanctions. An example of a fairly successful public regulatory policy is that of a speed limit.
Constituent policies:
Constituent policies create executive power entities, or deal with laws. Constituent policies also deal with Fiscal Policy in some circumstances
Key Terms
Businesses are affected by environmental policy specifically related to operations.
Businesses operations must comply
with the legislation that is specific to their jurisdiction.
E.g Carbon Tax, Clean Water Act, Clean Air Act.
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