Modification History
Not applicable.
Unit Descriptor
Unit descriptor |
This unit describes the performance outcomes, skills and knowledge required to outline the regulatory, taxation and insurance compliance requirements of a micro business; and to source advice and specialist services to assist business owners/managers in satisfying these requirements and needs. Specific legal requirements apply to the management of a micro business. |
Application of the Unit
Application of the unit |
This work will be undertaken by individuals who are establishing or operating a micro business providing for self employment. |
Licensing/Regulatory Information
Not applicable.
Pre-Requisites
Prerequisite units |
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Employability Skills Information
Employability skills |
This unit contains employability skills. |
Elements and Performance Criteria Pre-Content
Elements describe the essential outcomes of a unit of competency. |
Performance criteria describe the performance needed to demonstrate achievement of the element. Where bold italicised text is used, further information is detailed in the required skills and knowledge section and the range statement. Assessment of performance is to be consistent with the evidence guide. |
Elements and Performance Criteria
ELEMENT |
PERFORMANCE CRITERIA |
1. Identify the regulatory, taxation and insurance requirements of the business |
1.1. Identify regulatory , taxation and insurance requirements that might be relevant to the operation of the business 1.2. Gather information that assists in interpreting and explaining the regulatory, taxation and insurance requirements 1.3. Investigate the 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 advisers and other sources of assistance relevant to compliance requirements and type of business 2.2. Explain to advisers business type and operations, covering the full scope of the business 2.3. Clarify and confirm compliance requirements and risk minimisation needs with advisers 2.4. Establish sources of advice and specialist services for regulatory, taxation and insurance compliance 2.5. Review advice and procedures against the compliance requirements and their appropriateness for the business |
3. Implement compliance procedures |
3.1. Implement procedures within the guidelines provided 3.2. Take action to ensure that the business complies with the relevant taxation and business registration requirements, legislation, regulations, codes of practice and associated standards 3.3. Arrange appropriate insurance cover for the business |
Required Skills and Knowledge
REQUIRED SKILLS AND KNOWLEDGE |
This section describes the skills and knowledge required for this unit. |
Required skills |
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Required knowledge |
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Evidence Guide
EVIDENCE GUIDE |
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The Evidence Guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package. |
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Overview of assessment |
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Critical aspects for assessment and evidence required to demonstrate competency in this unit |
Evidence of the following is essential:
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Context of and specific resources for assessment |
Assessment must ensure:
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Method of assessment |
A range of assessment methods should be used to assess practical skills and knowledge. The following examples are appropriate for this unit:
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Guidance information for assessment |
Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example:
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Range Statement
RANGE STATEMENT |
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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
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Regulatory , taxation and insurance requirements may include: |
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Information gathered may include: |
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Taxation requirements may include: |
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Insurance requirements may include: |
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Sources of advice and specialist services may include: |
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Unit Sector(s)
Unit sector |
Competency field
Competency field |
Management and Leadership - Small and Micro Business |
Co-requisite units
Co-requisite units |
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