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Evidence Guide: BSBSMB305 - Comply with regulatory, taxation and insurance requirements for the micro business

Student: __________________________________________________

Signature: _________________________________________________

Tips for gathering evidence to demonstrate your skills

The important thing to remember when gathering evidence is that the more evidence the better - that is, the more evidence you gather to demonstrate your skills, the more confident an assessor can be that you have learned the skills not just at one point in time, but are continuing to apply and develop those skills (as opposed to just learning for the test!). Furthermore, one piece of evidence that you collect will not usualy demonstrate all the required criteria for a unit of competency, whereas multiple overlapping pieces of evidence will usually do the trick!

From the Wiki University

 

BSBSMB305 - Comply with regulatory, taxation and insurance requirements for the micro business

What evidence can you provide to prove your understanding of each of the following citeria?

Identify regulatory, taxation and insurance requirements of the business

  1. Identify regulatory, taxation and insurance requirements that might be relevant to operation of the business
  2. Gather information that assists in interpreting and explaining regulatory, taxation and insurance requirements
  3. Investigate relationships between legislation, regulations, codes of practice, associated standards and written material to determine compliance requirements of the business
Identify regulatory, taxation and insurance requirements that might be relevant to operation of the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Gather information that assists in interpreting and explaining regulatory, taxation and insurance requirements

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Investigate relationships between legislation, regulations, codes of practice, associated standards and written material to determine compliance requirements of the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Develop procedures to ensure compliance and risk minimisation

  1. Identify business advisers and other sources of assistance relevant to compliance requirements and business type
  2. Explain business type and operations to advisers, covering full scope of the business
  3. Clarify and confirm compliance requirements and risk minimisation needs with advisers
  4. Establish sources of advice and specialist services for regulatory, taxation and insurance compliance
  5. Review advice and procedures against compliance requirements and their appropriateness for the business
Identify business advisers and other sources of assistance relevant to compliance requirements and business type

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Explain business type and operations to advisers, covering full scope of the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Clarify and confirm compliance requirements and risk minimisation needs with advisers

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Establish sources of advice and specialist services for regulatory, taxation and insurance compliance

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Review advice and procedures against compliance requirements and their appropriateness for the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Implement compliance procedures

  1. Implement procedures within provided guidelines
  2. Take action to ensure the business complies with relevant taxation and business registration requirements, legislation, regulations, codes of practice and associated standards
  3. Arrange appropriate insurance cover for the business
Implement procedures within provided guidelines

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Take action to ensure the business complies with relevant taxation and business registration requirements, legislation, regulations, codes of practice and associated standards

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Arrange appropriate insurance cover for the business

Completed
Date:

Teacher:		 Evidence:

 

 

 

 

 

 

 

Assessed

Teacher: ___________________________________ Date: _________

Signature: ________________________________________________

Comments:

 

 

 

 

 

 

 

 

Instructions to Assessors

Evidence Guide

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

Required Skills and Knowledge

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.