Unit of competency
Modification History
Release |
Comments |
Release 2 |
This version first released with BSB Business Services Training Package Version 2.0. Version created to clarify intent of unit |
Release 1 |
This version first released with BSB Business Services Training Package Version 1.0. |
Application
This unit describes the skills and knowledge required to source advice and specialist services to manage business compliance requirements.
It applies to individuals who are establishing or operating a micro business providing self-employment.
No licensing, legislative or certification requirements apply to this unit at the time of publication.
Unit Sector
Management and Leadership – Small and Micro Business
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
Elements describe the essential outcomes. |
Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Identify regulatory, taxation and insurance requirements of the business |
1.1 Identify regulatory, taxation and insurance requirements that might be relevant to operation of the business 1.2 Gather information that assists in interpreting and explaining regulatory, taxation and insurance requirements 1.3 Investigate relationships between legislation, regulations, codes of practice, associated standards and written material to determine compliance requirements of the business |
2. Develop procedures to ensure compliance and risk minimisation |
2.1 Identify business advisors and other sources of assistance relevant to compliance requirements and business type 2.2 Explain business type and operations to advisors, covering full scope of the business 2.3 Clarify and confirm compliance requirements and risk minimisation needs with advisors 2.4 Access sources of advice and specialist services for regulatory, taxation and insurance compliance 2.5 Review advice and procedures against compliance requirements and their appropriateness for the business |
3. Implement compliance procedures |
3.1 Implement procedures within provided guidelines 3.2 Take action to ensure the business complies with relevant taxation and business registration requirements, legislation, regulations, codes of practice and associated standards 3.3 Arrange appropriate insurance cover for the business |
Foundation Skills
This section describes language, literacy, numeracy and employment skills incorporated in the performance criteria that are required for competent performance.
Skill |
Performance Criteria |
Description |
Reading |
1.1-1.3, 2.1, 2.4, 2.5, 3.1-3.3 |
|
Writing |
1.1, 2.1, 3.2, 3.3 |
|
Oral Communication |
2.2, 2.3, 3.3 |
|
Numeracy |
2.5, 3.3 |
|
Navigate the world of work |
1.1, 1.3, 3.1, 3.2 |
|
Get the work done |
1.2, 1.3, 2.1, 2.4, 3.3 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBSMB305 Comply with regulatory, taxation and insurance requirements for the micro business Release 2 |
BSBSMB305 Comply with regulatory, taxation and insurance requirements for the micro business Release 1 |
Minor edits to clarify intent |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10