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..