Welcome to module - Make decisions in a legal context
In this module, you will be presented with the skills and knowledge required to make decisions in a legal context, particularly those relating to compliance issues. It is designed to satisfy the requirement for a course of study in commercial law at an introductory or foundation level, covering Australian legal systems and processes.
The module is divided into five key topics to facilitate your learning:
Legal Systems: This topic provides an overview of the Australian legal system, including its history, structure, and functions. You will learn about the different types of laws (such as statutory, common, and constitutional law) and the role of various legal institutions, such as courts and tribunals. Understanding the legal system is fundamental to navigating legal requirements and ensuring compliance in a business context.
Making Laws: In this section, you will explore how laws are created and enacted in Australia. You will learn about the legislative process, including the drafting, debating, and passing of bills in Parliament. Additionally, you will understand the role of government agencies and regulatory bodies in law-making and the importance of public participation and consultation in shaping legislation.
Sources of Laws: This topic delves into the different sources of Australian law, including legislation (statutes), case law (judicial decisions), and subordinate legislation (regulations and by-laws). You will learn how these sources interact and influence each other and how to locate and interpret legal information relevant to your business. Knowing where laws come from and how they are applied is crucial for ensuring legal compliance and making informed business decisions.
Australian Business Structures: This section covers the various legal structures available for businesses in Australia, such as sole traders, partnerships, companies, and trusts. You will learn about the advantages and disadvantages of each structure, the legal requirements for setting up and operating these entities, and the implications for taxation and liability. Choosing the right business structure is essential for legal compliance, financial efficiency, and risk management.
Interpret Compliance Requirements: In the final topic, you will focus on how to identify and interpret the compliance requirements relevant to your business. This includes understanding the obligations under different laws and regulations, such as employment law, consumer protection, and environmental legislation. You will also learn about the importance of maintaining accurate records, implementing compliance policies and procedures, and staying up-to-date with legal changes. Effectively interpreting and adhering to compliance requirements helps mitigate legal risks and ensures your business operates within the law.
By the end of this module, you will have a comprehensive understanding of the legal framework within which businesses operate in Australia. You will be equipped with the skills to identify and address compliance issues, ensuring your business meets its legal obligations and operates smoothly.
Throughout this module, you will be presented with activities to practice your knowledge and understanding in the learning checkpoints to prepare you to undertake the assessment.
Activities will be presented in these sub-topics for you to complete. You may sometimes be required to download additional documents to complete the tasks.
At the end of this module, you will be required to undertake assessments assuming the role of Dawson Weeks, undertaking an Undergraduate Accountant Cadetship program with Ace Finance. Ace Finance is a small accounting firm. Their services include preparing annual and periodic financial statements, bookkeeping services, setup and training for accounting platforms including Xero, MYOB, Australian Tax Office (ATO) compliance obligations including tax returns, Business Activity Statements (BAS) and Instalment Activity Statement (IAS) and other business services to ensure that businesses have the expertise and support they need to be competitive and prosper.
