Australia’s small business owners and operators have a new online hub to help them better understand their legal obligations and the role of ASIC.

‘With small business accounting for 96% of all businesses registered with ASIC, it’s important we provide information these customers need,’ ASIC Commissioner Greg Tanzer said.

In 2012, ASIC consulted key stakeholders and conducted an online survey with small businesses to better understand their needs and expectations. This survey found that ASIC needed to engage more with small businesses because:

• they have limited knowledge about ASIC and what it does

• they have little understanding of their compliance obligations and find it difficult to get relevant information from ASIC, and

• information provided by ASIC is often difficult to understand because it’s written in legal jargon.

‘Whether you're dealing with the everyday pressures of running a business, or looking to start up, you want information that is accessible, practical and easy to understand,’ Mr Tanzer said.

‘This hub is an information gateway and is designed to improve small business experiences with ASIC and help them better understand our role and how we can help.’

The hub, which is available at www.asic.gov.au/small-business, features information on starting and closing a small business, legal requirements for small business operators, one minute guides on popular topics and access to ASIC’s new quarterly small business eNewsletter.

‘We’ve invested considerable time in making our hub relevant and user friendly and look forward to receiving feedback during ASIC’s next small business stakeholder survey in 2014,’ Mr Tanzer said.

ASIC’s small business hub is part of a series of tools being developed to help the small business community. ASIC’s booklet, Your obligations as a small business operator, was released earlier this year (refer:13-203MR).

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