Small Business Regulation 2012

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) certain
events 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 Overview
This session is an overview of
areas of regulation impacting
on business and how you can
minimise 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 & Safety
Keep 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 Need
to 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 other
Preparatory 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 & Development
Review 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 2010
Industrial 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 Study
I 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 a
Highly Regulated Business
Environment..