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.
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 |
Evidence of the ability to:
identify regulatory, taxation and insurance compliance requirements, and risk minimisation needs of the business
identify, select and access sources of advice on compliance and risk minimisation procedures for the business
complete a development and review of procedures for compliance and risk minimisation (with assistance from advisors).
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
identify micro business registration and licensing requirements
list government legislative requirements relating to business operation
categorise the nature of legal responsibility
pinpoint relevant industry codes of practice
list relevant WHS responsibilities and procedures
name sources of advice and specialist services
identify sources of information about regulatory, taxation and insurance requirements and issues
outline taxation requirements.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the Management and Leadership – Small and Micro Business field of work and include access to:
business technology including internet access for research
relevant legislation, regulations, standards and codes
relevant workplace documentation and resources
case studies or where possible, real situations
interaction with others.
Assessors of this unit must satisfy the requirements for assessors in applicable vocational education and training legislation, frameworks and/or standards.