small businessregulationipa15 03_12webinarbea
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Small Business Regulation 2012TRANSCRIPT
Small Business Regulation
Institute of Public Accountants
Barrie Adams PSM FCPA
Thursday 15 March 2012
Once upon a time..
There were two (2) certain
events in life:
(1) Death and
(2) Taxes
Now there is a Third Event….
Changes to and increases in
…the Laws impacting on
YOUR Business.
Session Overview
This session is an overview of
areas of regulation impacting
on business and how you can
minimise their impact
This ever-changing Environment
requires you to..
Set the Direction for your
Business!
Business Plan required
Needs to consider..
SWOT
Structure
Contracts
Competitors
Financial Resources
Occupational Health & Safety
Keep it aligned to YOUR business
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
Remember in Establishing
YOUR Business..
“One Size does not fit all!”
(e.g. Finances, Processes, Laws)
Start Up Costs and Cash Flow
Required..
Sources of Finance
Be Frugal
Business Intelligence to
Maximise YOUR
opportunity for your
successful venture..
Liaise with and conduct “pre-work”
before you proceed..
Government Agencies – local, state
and territory
Local Chambers of Commerce
Professional Organisations
Business Leaders
In this Information Stage
of Start-Up
Be Prepared to
Listen and Learn
Case Study – I do not Need
to Register MY Business?
“Consequences”
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
Remember … If you apply for
Government Grants
Your structure and other
Preparatory actions will be
important..
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
Commonwealth Government Examples
Only.. GST – Registration Threshold A$75,000
ABN Registration
PAYG
ATO – Annual Lodgements
Business Activity Statement
Superannuation Contributions
Company
Privacy
State Government Examples Only..
Business Name
Payroll Tax (if applicable)
Hazardous Goods
Environment
Natural Resources
Waste Management
Local Government Examples Only..
Licences
Health (e.g. Food & Safety)
Advertising
Change of Material Use
Economic Development
Compliance
Building & Construction
Case Study- Environmental
Health Inspectors -
Powers?
Manage YOUR “key” Risks as
determined by YOU..
Risk Management is an
Opportunity for your
Business
National Occupational Health and Safety
(OHS)
Strategy 2002 – 2012
Codes of Practice / Regulation
Vision - Australian Workplaces
“free from death”
Safety Management System
Commitment
Worksite Analysis
Hazard Prevention & Control
Training & Development
Review at least Six (6) Monthly..
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
Fair Work Act (FWA)
From 1 January 2010
Industrial Relations System completely
overhauled..
FWA – will impact on how you
Manage your Staff
Fair Work Act (FWA)
A Snapshot..
Redundancies – retrenchments
Manage for Performance
Flexible Work arrangements
Seek professional advice
It could be a minefield!
Regulators – how they Administer
the Law..
ASIC – Regulatory Policy Guides – assist
business to understand their position
Assist to Limit Surprise!
What are the Regulators Doing?
Keep Abreast of..
Reviews
Surveys
Surveillance
Website
Case Study
I need to prepare for a visit
from a Regulator!
The decision making process in
YOUR Business..
Meeting Procedures – this is
important!
YOUR Responsibilities include..
Business Plan
Monitor Operations
Risk Management
Policies & Procedures (fit your
business)
Training - ongoing
YOUR Professional Advisor..
Up to Date with your Business
Seek their Input
Professional Relationship
Scouting Movement
Motto..
Be Prepared!
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
We are all operating in a
Highly Regulated Business
Environment..