To run a business in Australia you need to operate fairly and ethically and that means working within the confines of the Competition and Consumer Act as well as the Fair Trading laws in your respective State or Territory.
The Competition and Consumer Act 2010 (CCA)
This Act is a federal law that deals with almost all parts of the marketplace including unfair market practices, product safety, price monitoring and industry codes of practice. Its aim is to inhibit unethical practices by competitors and to give customers confidence that they are dealing with businesses that adhere to high standards.
The Australian Consumer and Competition Commission (ACCC)
The ACCC are responsible for administering the CCA and encourages small businesses to view the Act as an important management tool and that compliance with it should be part of good business practice. You can check if your business is compliant by using the ACCC’s small business assessment tool.
CCA Compliance Program
It is suggested that every business have a CCA compliance program. This might include a strategic vision that states your goals and how you plan to implement them, identifying compliance risks and assessing these at regular intervals.
In addition to the CCA, each state and territory has fair trading laws to which you must adhere to.
If you break the Act in your state then you can be prosecuted, face financial penalties and have your bank accounts frozen.