Cheatsheet: what you need to know about running competitions

Ever entered into those shopping centre competitions that give away a car, holiday or island?

Businesses often run competitions or "trade promotions". Because this is regulated State by State, running a national competition can get pretty tricky.

To make sense of it all, here's what you need to know about trade promotions.

1. What is a trade promotion?

A trade promotion is conducted to promote the goods and services supplied by a business. Entry must be free, unless you're a charity and running the competition to raise money.

1. Is it a game of chance or game of skill?

You need to work out what type of competition you're running. It will either be a game of skill or a game of chance.