Small businessregulationipa15 03_12webinarbea


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Small Business Regulation 2012

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Small businessregulationipa15 03_12webinarbea

  1. 1. Small Business Regulation Institute of Public Accountants Barrie Adams PSM FCPA Thursday 15 March 2012
  2. 2. Once upon a time..There were two (2) certainevents in life: (1) Death and (2) Taxes
  3. 3. Now there is a Third Event…. Changes to and increases in …the Laws impacting on YOUR Business.
  4. 4. Session OverviewThis session is an overview ofareas of regulation impactingon business and how you canminimise their impact
  5. 5. This ever-changing Environment requires you to.. Set the Direction for your Business!
  6. 6. Business Plan required Needs to consider.. SWOT Structure Contracts Competitors Financial Resources Occupational Health & SafetyKeep it aligned to YOUR business
  7. 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. 8. Remember in Establishing YOUR Business..“One Size does not fit all!” (e.g. Finances, Processes, Laws)
  9. 9. Start Up Costs and Cash Flow Required.. Sources of Finance Be Frugal
  10. 10. Business Intelligence to Maximise YOUR opportunity for your successful venture..
  11. 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. 12. In this Information Stage of Start-Up Be Prepared to Listen and Learn
  13. 13. Case Study – I do not Needto Register MY Business? “Consequences”
  14. 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. 15. Remember … If you apply for Government Grants Your structure and otherPreparatory actions will be important..
  16. 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. 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. 18. State Government Examples Only.. Business Name Payroll Tax (if applicable) Hazardous Goods Environment Natural Resources Waste Management
  19. 19. Local Government Examples Only.. Licences Health (e.g. Food & Safety) Advertising Change of Material Use Economic Development Compliance Building & Construction
  20. 20. Case Study- Environmental Health Inspectors - Powers?
  21. 21. Manage YOUR “key” Risks as determined by YOU.. Risk Management is an Opportunity for your Business
  22. 22. National Occupational Health and Safety (OHS)  Strategy 2002 – 2012  Codes of Practice / Regulation  Vision - Australian Workplaces “free from death”
  23. 23. Safety Management System Commitment Worksite Analysis Hazard Prevention & Control Training & DevelopmentReview at least Six (6) Monthly..
  24. 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. 25. Fair Work Act (FWA) From 1 January 2010Industrial Relations System completely overhauled.. FWA – will impact on how you Manage your Staff
  26. 26. Fair Work Act (FWA) A Snapshot.. Redundancies – retrenchments Manage for Performance Flexible Work arrangements Seek professional advice It could be a minefield!
  27. 27. Regulators – how they Administer the Law..  ASIC – Regulatory Policy Guides – assist business to understand their position  Assist to Limit Surprise!
  28. 28. What are the Regulators Doing? Keep Abreast of.. Reviews Surveys Surveillance Website
  29. 29. Case StudyI need to prepare for a visit from a Regulator!
  30. 30. The decision making process in YOUR Business.. Meeting Procedures – this is important!
  31. 31. YOUR Responsibilities include.. Business Plan Monitor Operations Risk Management Policies & Procedures (fit your business) Training - ongoing
  32. 32. YOUR Professional Advisor.. Up to Date with your Business Seek their Input Professional Relationship
  33. 33. Scouting Movement Motto.. Be Prepared!
  34. 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. 35. We are all operating in aHighly Regulated Business Environment..