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Elements and Performance Criteria

1. Identify regulatory, taxation and insurance requirements of the business
   • Identify regulatory, taxation and insurance requirements that might be relevant to operation of the business
   • Gather information that assists in interpreting and explaining regulatory, taxation and insurance requirements
   • 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
   • Identify business advisers and other sources of assistance relevant to compliance requirements and business type
   • Explain business type and operations to advisers, covering 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 compliance requirements and their appropriateness for the business
3. Implement compliance procedures
   • Implement procedures within provided guidelines
   • Take action to ensure the business complies with relevant taxation and business registration requirements, legislation, regulations, codes of practice and associated standards
   • Arrange appropriate insurance cover for the business

Performance Evidence

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.

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Knowledge Evidence

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.

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