BSBSMB305 Comply with Regulatory, Taxation and Insurance Assessment Answer

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Learning outcomes of BSBSMB305 Comply with Regulatory, Taxation, and Insurance Requirements for the Micro Business Assessment:

After completing the BSBSMB305 Taxation and Insurance Assessment students will be able to:

Identify the regulatory, taxation, and insurance requirements of the business:

1. Relevant to the operation of the business a student will be able to identify the regulatory, taxation, and insurance requirements.
2. In interpreting and explaining regulatory taxation and insurance requirements, a student will be able to gather useful information. After completion of the BSBSMB305  course, students will be able to investigate the relationships between legislation, regulations, and codes of practice.

Develop procedures to ensure the compliance and minimization of  risk:

1. Relevant to the compliance requirements and business type, a student will be able to identify other sources of assistance.
2. Covering the full scope of the business, students will be able to explain the business type and operations to advisors.
3. After completion of the BSBSMB305  course, students will review advice and procedures against compliance requirements and their appropriateness.
4. Compliance requirements and risk minimization need with the advisors, students will be able to do the clarification and take confirmation.

Implement compliance procedures:

1. Within the provided guidelines a student will be able to implement the procedures.
2. To ensure that the business complies with the relevant taxation and business registration requirements, legislation, codes of practice, associated standards, and regulations a student will be able to take action.
3. A student will be able to arrange the appropriate insurance cover for the business.

Some of the questions in BSBSMB305 Comply with Regulatory, Taxation, and Insurance Requirements for the Micro Business Assessment are

• What are the regulatory, taxation, and insurance compliance requirements, and risk minimization needs of the business?
• For the business, identify, select, and access the sources of advice on compliance and risk minimization procedure.
• With assistance from the advisors, you have to complete the development and review of procedures for compliance and risk minimization.
• What are micro-business registration and licensing requirements?
• You have to mention the government legislative requirements relating to business operation.
• You have to categorize all the nature of legal responsibility.
• Mention the relevant industry codes of practice.
• What are the relevant WHS responsibilities and procedures?
• What are the sources of advice and specialist services?
• Outline all of the taxation requirements.
• What are the sources of information about regulatory, taxation, and insurance requirements and issues?

Points and terms which a student has to include in the BSBSMB305 Assessment: business technology with internet access for the research, relevant legislation, regulations, workplace documentation and resources and case studies or real-life scenarios.
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