- BSBSMB305A - Comply with regulatory, taxation and insurance requirements for the micro business
Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners
BSBSMB305A Mapping and Delivery Guide
Comply with regulatory, taxation and insurance requirements for the micro business
Version 1.0
Issue Date: June 2024
Qualification | - |
Unit of Competency | BSBSMB305A - Comply with regulatory, taxation and insurance requirements for the micro business |
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Description | 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. | ||
Employability Skills | This unit contains employability skills. | ||
Learning Outcomes and Application | This work will be undertaken by individuals who are establishing or operating a micro business providing for self employment. | ||
Duration and Setting | X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting. |
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Prerequisites/co-requisites | |||
Competency Field | Management and Leadership - Small and Micro Business |
Development and validation strategy and guide for assessors and learners | Student Learning Resources | Handouts Activities |
Slides PPT |
Assessment 1 | Assessment 2 | Assessment 3 | Assessment 4 | |
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Elements of Competency | Performance Criteria | |||||||
Element: Identify the regulatory, taxation and insurance requirements of the business |
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Element: Develop procedures to ensure compliance and risk minimisation |
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Element: Implement compliance procedures |
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Evidence Required
List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
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. | |
Overview of assessment | |
Critical aspects for assessment and evidence required to demonstrate competency in this unit | Evidence of the following is essential: identification of regulatory, taxation and insurance compliance requirements and risk minimisation needs of the business identification of sources of advice on compliance and risk minimisation procedures for the business development and review of procedures for compliance and risk minimisation (with assistance from advisers) knowledge of legislative requirements affecting business operation. |
Context of and specific resources for assessment | Assessment must ensure: access to relevant documentation candidate's individual circumstances and work in the context of establishing or running a micro business, are the basis for assessment. |
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: oral or audio-visual presentation of a case study of a micro business in similar field and location as candidate's proposal portfolio of evidence including identification of relevant compliance and risk minimisation needs for the micro business, and development of risk minimisation and compliance procedures (with assistance from advisers) review of implementation of procedures review of insurance cover arranged for the business. |
Guidance information for assessment | Holistic assessment with other units relevant to the industry sector, workplace and job role is recommended, for example: BSBSMB302A Develop a micro business proposal. |
Submission Requirements
List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here
Assessment task 1: [title] Due date:
(add new lines for each of the assessment tasks)
Assessment Tasks
Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.
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Required skills |
communication skills to question and seek clarification from advisers on regulatory, taxation or insurance matters literacy skills to interpret relevant regulatory, taxation and insurance information research skills to investigate compliance requirements. |
Required knowledge |
business registration and licensing requirements commonwealth, state/territory and local government legislative requirements relating to business operation, especially in regard to occupational health and safety (OHS) and environmental issues, equal employment opportunity, industrial relations and anti-discrimination nature of legal responsibility relevant industry codes of practice relevant OHS responsibilities and procedures sources of advice and specialist services sources of information about regulatory, taxation and insurance requirements and issues taxation requirements. |
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. | |
Regulatory, taxation and insurance requirements may include: | local, state/territory, commonwealth and international legislation, regulations and codes of practice affecting business operations such as: Acts and regulations industry and OHS codes of practice business registrations and licences planning and other permissions environmental legislation industrial law, agency law, property law, consumer legislation and standards, Torts Law and duty of care equal employment opportunity (EEO) and anti-discrimination legislation anti-competition regulations |
Information gathered may include: | government agencies industry associations internet written material |
Taxation requirements may include: | Australian Business Number Business Activity Statement and goods and services tax (GST) returns GST registration PAYG and withholding arrangements tax file number |
Insurance requirements may include: | comprehensive insurance for vehicles/property professional indemnity insurance public liability insurance third party insurance on motor vehicles workers compensation other insurance cover as required by state/territory or commonwealth legislation, contractual obligations or as recommended for the industry/type of business |
Sources of advice and specialist services may include: | accountants business advisers financial planners and insurance brokers funding bodies government agencies (for example, Indigenous Business Australia, Office of Aboriginal Economic Development) industry/trade associations insurance brokers lawyers |
Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.
Observation Checklist
Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice | Yes | No | Comments/feedback |
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Identify regulatory, taxation and insurance requirements that might be relevant to the operation of the business | |||
Gather information that assists in interpreting and explaining the regulatory, taxation and insurance requirements | |||
Investigate the relationships between legislation, regulations, codes of practice, associated standards and written material to determine compliance requirements of the business | |||
Identify business advisers and other sources of assistance relevant to compliance requirements and type of business | |||
Explain to advisers business type and operations, covering the full scope of the business | |||
Clarify and confirm compliance requirements and risk minimisation needs with advisers | |||
Establish sources of advice and specialist services for regulatory, taxation and insurance compliance | |||
Review advice and procedures against the compliance requirements and their appropriateness for the business | |||
Implement procedures within the guidelines provided | |||
Take action to ensure that the business complies with the relevant taxation and business registration requirements, legislation, regulations, codes of practice and associated standards | |||
Arrange appropriate insurance cover for the business |
Forms
Assessment Cover Sheet
BSBSMB305A - Comply with regulatory, taxation and insurance requirements for the micro business
Assessment task 1: [title]
Student name:
Student ID:
I declare that the assessment tasks submitted for this unit are my own work.
Student signature:
Result: Competent Not yet competent
Feedback to student
Assessor name:
Signature:
Date:
Assessment Record Sheet
BSBSMB305A - Comply with regulatory, taxation and insurance requirements for the micro business
Student name:
Student ID:
Assessment task 1: [title] Result: Competent Not yet competent
(add lines for each task)
Feedback to student:
Overall assessment result: Competent Not yet competent
Assessor name:
Signature:
Date:
Student signature:
Date: