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Compliance affects all aspects of your business. A compliance program not only aims to avoid breaches of the law, regulations and business practices but is part of good management.
Breaches of laws such as the Corporations Act, Trade Practices Act, Fair Trading Acts, environmental laws, insurance laws, ASIC requirements and associated regulations can be extremely expensive. For example, a breach of the restrictive trade practices provisions of the Trade Practices Act can incur a penalty of $10 million for companies and up to $500,000 per offence for an individual. |
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