Unit of competency
Modification History
Release |
Comments |
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 assess and prioritise risks and identify and comply with all regulations affecting the business.
It applies to individuals operating a small business or setting up a department within a larger organisation, who are skilled at communicating and interpreting legislation and regulations.
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 and implement business legal requirements |
1.1 Identify and research possible options for the business legal structure using appropriate sources 1.2 Determine legislation and regulatory requirements affecting operations of the business under its chosen structure 1.3 Develop and implement procedures to ensure full compliance with relevant legislation and regulatory requirements |
2. Comply with legislation, codes and regulatory requirements |
2.1 Establish systems to ensure legal rights and responsibilities of the business are identified and the business is adequately protected, specifically in relation to occupational health and safety (OHS), business registration and environmental requirements 2.2 Identify taxation principles and requirements relevant to the business, and follow procedures to ensure compliance 2.3 Identify and carefully maintain legal documents and maintain and update relevant records to ensure their ongoing security and accessibility 2.4 Monitor provision of products and services of the business to protect legal rights and to comply with legal responsibilities 2.5 Conduct investigations to identify areas of non-compliance with legal and regulatory requirements, and take corrective action where necessary |
3. Negotiate and arrange contracts |
3.1 Seek legal advice on contractual rights and obligations, if required, to clarify business liabilities 3.2 Investigate and assess potential products/services to determine procurement rights and ensure protection of business interests where applicable 3.3 Negotiate and secure contractual procurement rights for goods and services including contracts with relevant people, as required, in accordance with the business plan 3.4 Identify insurance requirements and acquire adequate cover 3.5 Identify options for leasing/ownership of business premises and complete contractual arrangements in accordance with the business plan |
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, 3.2-3.5 |
|
Writing |
1.3, 2.1, 2.3, 2.5, 3.1, 3.3, 3.5 |
|
Oral Communication |
2.5, 3.1, 3.3 |
|
Numeracy |
2.2, 2.5, 3.3, 3.4 |
|
Navigate the world of work |
1.2, 1.3, 2.1 |
|
Interact with others |
3.1, 3.3 |
|
Get the work done |
1.1-1.3, 2.1 |
|
Unit Mapping Information
Code and title current version |
Code and title previous version |
Comments |
Equivalence status |
BSBSMB401 Establish legal and risk management requirements of small business |
BSBSMB401A Establish legal and risk management requirements of small business |
Updated to meet Standards for Training Packages |
Equivalent unit |
Links
Companion Volume implementation guides are found in VETNet - https://vetnet.gov.au/Pages/TrainingDocs.aspx?q=11ef6853-ceed-4ba7-9d87-4da407e23c10