Small businessregulationipa15 03_12webinarbea
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  • 1. Small Business Regulation Institute of Public Accountants Barrie Adams PSM FCPA Thursday 15 March 2012
  • 2. Once upon a time..There were two (2) certainevents in life: (1) Death and (2) Taxes
  • 3. Now there is a Third Event…. Changes to and increases in …the Laws impacting on YOUR Business.
  • 4. Session OverviewThis session is an overview ofareas of regulation impactingon business and how you canminimise their impact
  • 5. This ever-changing Environment requires you to.. Set the Direction for your Business!
  • 6. Business Plan required Needs to consider.. SWOT Structure Contracts Competitors Financial Resources Occupational Health & SafetyKeep it aligned to YOUR business
  • 7. The Type of Industry you operate in will determine..  Type of Registration required  Risks  All 3 levels of government have an impact?  Insurance  Cost Structure  Premises
  • 8. Remember in Establishing YOUR Business..“One Size does not fit all!” (e.g. Finances, Processes, Laws)
  • 9. Start Up Costs and Cash Flow Required.. Sources of Finance Be Frugal
  • 10. Business Intelligence to Maximise YOUR opportunity for your successful venture..
  • 11. Liaise with and conduct “pre-work” before you proceed.. Government Agencies – local, state and territory Local Chambers of Commerce Professional Organisations Business Leaders
  • 12. In this Information Stage of Start-Up Be Prepared to Listen and Learn
  • 13. Case Study – I do not Needto Register MY Business? “Consequences”
  • 14. You are now ready to consider the Structure for YOUR Business.. Sole Trader (no registration) Registered Business Name (Sole Trader/Corporation) Registered Company Trust Structure
  • 15. Remember … If you apply for Government Grants Your structure and otherPreparatory actions will be important..
  • 16. YOUR Business could be impacted by.. 3 Levels of Government  Local  State / Territory  Commonwealth The extent would depend on whether or not you have employees
  • 17. Commonwealth Government Examples Only..  GST – Registration Threshold A$75,000  ABN Registration  PAYG  ATO – Annual Lodgements  Business Activity Statement  Superannuation Contributions  Company  Privacy
  • 18. State Government Examples Only.. Business Name Payroll Tax (if applicable) Hazardous Goods Environment Natural Resources Waste Management
  • 19. Local Government Examples Only.. Licences Health (e.g. Food & Safety) Advertising Change of Material Use Economic Development Compliance Building & Construction
  • 20. Case Study- Environmental Health Inspectors - Powers?
  • 21. Manage YOUR “key” Risks as determined by YOU.. Risk Management is an Opportunity for your Business
  • 22. National Occupational Health and Safety (OHS)  Strategy 2002 – 2012  Codes of Practice / Regulation  Vision - Australian Workplaces “free from death”
  • 23. Safety Management System Commitment Worksite Analysis Hazard Prevention & Control Training & DevelopmentReview at least Six (6) Monthly..
  • 24. Future of Financial Advice (FoFA)These laws will bring about significant change to the Financial Planning Industry:  Fee for Service  Increase Regulator’s Powers  Penalties
  • 25. Fair Work Act (FWA) From 1 January 2010Industrial Relations System completely overhauled.. FWA – will impact on how you Manage your Staff
  • 26. Fair Work Act (FWA) A Snapshot.. Redundancies – retrenchments Manage for Performance Flexible Work arrangements Seek professional advice It could be a minefield!
  • 27. Regulators – how they Administer the Law..  ASIC – Regulatory Policy Guides – assist business to understand their position  Assist to Limit Surprise!
  • 28. What are the Regulators Doing? Keep Abreast of.. Reviews Surveys Surveillance Website
  • 29. Case StudyI need to prepare for a visit from a Regulator!
  • 30. The decision making process in YOUR Business.. Meeting Procedures – this is important!
  • 31. YOUR Responsibilities include.. Business Plan Monitor Operations Risk Management Policies & Procedures (fit your business) Training - ongoing
  • 32. YOUR Professional Advisor.. Up to Date with your Business Seek their Input Professional Relationship
  • 33. Scouting Movement Motto.. Be Prepared!
  • 34. YOUR Business Checklist.. Update Business Plan Monitor Financial Reports Keep your Registration / Licences up to date Lodge Returns on Time Training Program for Staff Review and Update your Risks Seek Opportunities for your Business Relevant Policies and Procedures
  • 35. We are all operating in aHighly Regulated Business Environment..