When Companies Break Laws That Asic Does Not Enforce

There are different laws In Australia which companies and businesses And their directors and officers Must comply with such as Workplace relations environmental issues Work health and safety and taxation Their are different government agencies Responsible for different laws And receiving report about misconduct Relating to those laws Who you should report to Depends on what the misconduct Is about for example if a company Has failed to pay your Superannuation or isn't complying With its taxation obligations or similar You should contact the Australian Taxation Office However if there are concerns about Advice in relation to setting up or closing A self managed super fund or Investments made by a superannuation fund You should contact ASIC If you believe a company is Running a scam Making misleading claims and Representations or there are concerns About consumer goods and services You should contact either the Australian Competition and Consumer Commission Or the Office of Fair Trading or Consumer Affairs in your state or territory If you believe that there is criminal conduct That is not about financial services Or markets you should contact the police In your state or territory If the company is not paying Your employee entitlements such as wages or Leave you should contact the Fair Work Ombudsman If there is concerns with the company's Impact on the environment you should Contact the Environment Protection Authority In you state or territory ASIC is responsible for several Pieces of legislation which mainly includes The Corporations Act and the Australian Securities and Investments Commission Act For companies company directors And officers ASIC is responsible for Failure to seek approval for A related party transaction Misuse of the company's officers' position To gain an advantage for themselves Conduct before entering External administration aimed at Defeating the interest of creditors Misrepresentation about the Company's financial position And acting as a director of a company While disqualified or bankrupt ASIC does not generally get involved In alleged misconduct relating To a breach of law that another Government department or agency enforces Such breaches however don't necessarily mean That the company's directors or officers Have also breached their duties under the Corporations Act If another govenment agency receives a Report about a company or its directors And they think we should investigate They will refer it to ASIC If we receive a report initially We are likely to refer to the primary Regulator or agency or encourage reporters To do the same With any report we receive ASIC Will only take action if there is Enough evidence and our action will Benefit the general public broadly We will talk you about that And give you the contact details For the more appropriate agency or With your permission refer it to that Agency for you