BSBESB305: Address Compliance Requirements for New Business Ventures
Describe the following regulatory, taxation, and insurance compliance information and specialist advice and services in relation to the following operation of new business ventures:
• Industry codes of practice.
• Mandatory and Voluntary standards as per the ACCC.
• Business registration and licensing including ABN, tax file number, and PAYG requirements.
• Work health and safety (WHS) requirements and responsibilities.
• Insurance requirements for new businesses?
List 6 elements that a specialist in business compliance may offer advice for.
Discuss the different ways you could seek, select, and access specialist advice and services for a new business.
Explain how you would arrange insurance coverage for a new business.
Describe the following key components of compliance procedures:
• Applying the industrial relations principles.
• Applying the taxation principles.
• Updating and maintaining legal documents.
• Investigating areas of non-compliance including the steps to identify non-compliance.
• Monitoring the provision of products and/or services.
• Taking corrective action where necessary.