Unit of competency Outline
Date retreived
24/07/2026 2:07 AM AWST
24/07/2026 2:07 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.
Address compliance requirements for new business ventures
Address compliance requirements for new business ventures
Unit of competency
National Code
BSBESB305
BSBESB305
State Code
OCG33
OCG33
TGA Status
Current
Current
DTWD Status
Approved
Approved
State Implementation and Classification
Approved Date
16/03/2021
Field of Education
080301 - Business Management
Original Release Date
16/03/2021
Nominal Hours
45
Description
This unit describes the skills and knowledge required to source advice and specialist services to assist in addressing business compliance relating to regulatory, taxation and insurance requirements.The unit applies to those establishing a business providing self-employment, as well as those establishing a new venture as part of a larger organisation.No licensing, legislative or certification requirements apply to this unit at the time of publication.
Notes
Elements and Performance Criteria
1. Research compliance requirements of new business venture
- 1.1 Identify regulatory, taxation and insurance requirements relevant to new business venture
- 1.2 Access information that assists in interpreting and explaining identified compliance requirements
- 1.3 Research relationships between legislation, regulations, codes of practice, associated standards and accessed information to determine compliance requirements of the business venture
2. Seek specialist advice on compliance and risk minimisation
- 2.1 Identify sources of specialist advice and services relevant to identified compliance requirements and business venture profile
- 2.2 Select and access identified specialist advice and services according to business needs, available resources, and workplace procedures
- 2.3 Clarify and confirm compliance requirements and their appropriateness for business, and risk minimisation needs with advisors
- 2.4 Review and document advice and procedures
3. Take action to support business compliance
- 3.1 Arrange insurance cover for the business according to business needs, available resources, and workplace procedures
- 3.2 Implement compliance procedures according to specialist advice received
- 3.3 Seek feedback on implemented compliance procedures from required personnel
No information
No information
Replaces
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUJ89 | BSBSMB305 | Comply with regulatory, taxation and insurance requirements for the micro business | Unit of competency |