Unit of competency Outline
Date retreived
23/07/2026 8:33 AM AWST
23/07/2026 8:33 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Comply with regulatory, taxation and insurance requirements for the micro business
Comply with regulatory, taxation and insurance requirements for the micro business
Unit of competency
National Code
BSBSMB305
BSBSMB305
State Code
AUJ89
AUJ89
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
15/09/2015
Field of Education
080301 - Business Management
Original Release Date
15/09/2015
Nominal Hours
45
Description
This unit describes the skills and knowledge required to source advice and specialist services to manage business compliance requirements.It applies to individuals who are establishing or operating a micro business providing self-employment.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
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
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| D1009 | BSBSMB305A | Comply with regulatory, taxation and insurance requirements for the micro business | Unit of competency |
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| OCG33 | BSBESB305 | Address compliance requirements for new business ventures | Unit of competency |