BSBESB305 - Address

compliance requirements for

new business ventures
Student Assessment Guide
 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

Contents

1. Assessment Information.................................................................................................4
1A. Purpose of this assessment..................................................................................................4
1B. What you are required to do................................................................................................4
1C. A note on plagiarism and referencing...................................................................................5
1D. Instructions..........................................................................................................................5
2. Assessment Coversheet..................................................................................................7
BSBESB305 - Address compliance requirements for new business ventures................................7
3. Task A – Knowledge questions........................................................................................8
3A. Instructions..........................................................................................................................8
3B. Questions.............................................................................................................................8
Question A1................................................................................................................................................. 8
Question A2................................................................................................................................................. 9
Question A3................................................................................................................................................. 9
Question A4...............................................................................................................................................10
Question A5...............................................................................................................................................10

4. Task B – Identify, access and research compliance requirements..................................11

4A. Instructions........................................................................................................................11
Gain approval for using your own workplace.............................................................................................12
4B. Questions...........................................................................................................................12
Question B1............................................................................................................................................... 12
If you are using your own workplace:........................................................................................................13
If you are using the provided case study:...................................................................................................13
Question B2............................................................................................................................................... 14
If you are using your own workplace:........................................................................................................14
If you are using the provided case study:...................................................................................................15

5. Task C – Identify and seek specialist advice on compliance...........................................16

5A. Instructions........................................................................................................................16
5B. Questions...........................................................................................................................16
Question C1...............................................................................................................................................16
If you are using your own workplace:........................................................................................................16
If you are using the provided case study:...................................................................................................17
Question C2...............................................................................................................................................18
If you are using your own workplace:........................................................................................................19

Student Assessment Guide: BSBESB305 Version: V23.0 Page 2 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

If you are using the provided case study:...................................................................................................19

Question C3...............................................................................................................................................21
If you are using your own workplace:........................................................................................................21
If you are using the provided case study:...................................................................................................22

6. Task D – Implement specialist advice and compliance procedures................................23

6A. Instructions........................................................................................................................23
6B. Questions...........................................................................................................................23
Question D1...............................................................................................................................................23
If you are using your own workplace:........................................................................................................23
If you are using the provided case study:...................................................................................................24
Question D2...............................................................................................................................................24
If you are using your own workplace:........................................................................................................25
If you are using the provided case study:...................................................................................................25

7. Assessment submission................................................................................................26
7A. Instructions........................................................................................................................26
7B. Checklist.............................................................................................................................26

Student Assessment Guide: BSBESB305 Version: V23.0 Page 3 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

1. Assessment Information
1A. Purpose of this assessment
This assessment will develop your skills and knowledge skills required to source advice and
specialist services to assist in addressing business compliance relating to regulatory, taxation
and insurance requirements. This assessment will assess the following competencies:

1. Research compliance requirements of new business venture

2. Seek specialist advice on compliance and risk minimisation
3. Take action to support business compliance

1B. What you are required to do

For this assessment, you are required to complete 4 tasks:

 Task A - Knowledge questions

 Task B – Identify, access and research compliance requirements
 Task C – Identify and seek specialist advice on compliance
 Task D – Implement specialist advice and compliance procedures

Task A is a series of short answer questions that will test your understanding and knowledge
of regulatory, taxation and insurance compliance information, and specialist advice and
services in relation to operation of new business ventures

Over Tasks B, C and D you will analyse business requirements and regulatory, taxation, and
insurance requirements that apply to a new business venture, you will also seek specialist
advice on compliance and take action to support the compliance of the business through
the implementation of compliance procedures and by seeking feedback from managers or
supervisors as directed. You will also name and store the completed documents as per
organisational policy.

You may choose to base Tasks, B, C and D on:

a) The provided case study, OR

b) Their own workplace

NOTE: If you are using your own workplace, you must make sure you have access to
relevant documentation and resources. This includes:

Student Assessment Guide: BSBESB305 Version: V23.0 Page 4 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

 A workplace that will allow access to:

 Workplace documentation, including:
o business technology, including internet access for research
o legislation, regulations, codes of practice and standards relating to
compliance requirements described in performance evidence
o Workplace procedures and resources relevant to performance evidence.
 People, including: (if applicable)
o One supervisor to discuss implementation of compliance procedures with

People, including: (if applicable)

o At least one key personnel such as Managers, Supervisors and colleagues.

If using the Case Study, you will also need:

 At least one volunteer to participate in role play activities

 Video camera or a mobile phone with video recording capabilities

You will also be required to provide evidence of your work and other documentation as
your progress through Tasks B-D

If you wish to use your own workplace, you must discuss this with your trainer before
starting Tasks B-C. Make sure you receive approval from your trainer to use your own
workplace.

1C. A note on plagiarism and referencing

Plagiarism is a form of theft where the work, ideas, inventions etc. of other people are
presented as your own.

When quoting or paraphrasing from a source such as the Internet, the source must be
recognised. If you are quoting a source, make sure to acknowledge this by including
“quotation marks” around the relevant words/sentences or ideas. Note the source at the
point at which it is included within your assessment, such as by using a citation. Then list the
full details of the source in a ‘references’ section at the end of your assessment.

All sources used for your assessment should be detailed in a ‘references’ section. It is
advisable to never copy another person’s work.

Student Assessment Guide: BSBESB305 Version: V23.0 Page 5 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

1D. Instructions
Answer the questions below using the spaces provided:

 Answer all parts of each question

 Use your own words and give examples wherever possible
 The quality of your answer is more important than how long it is
 Enter your answers in this document
You may use various sources of information to inform your answers, including your
resources provided by ACBI, books, and online sources. You must acknowledge and cite your
sources.

Student Assessment Guide: BSBESB305 Version: V23.0 Page 6 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

2. Assessment Coversheet
Candidate Name:

Student ID:

Contact Number:

Email:

Trainer / Assessor Name:

Qualification: BSB30220 - Certificate III in Entrepreneurship and New Business

BSBESB305 - Address compliance requirements for new business

Unit of Competency:
ventures

Task A - Knowledge questions

Task B – Identify, access and research compliance requirements
Assessment Tasks: Task C – Identify and seek specialist advice on compliance

Task D – Implement specialist advice and compliance procedures

Due Date: Date Submitted:

Declaration: I have read and understood the following information at the

beginning of this assessment guide (please tick):

☐ Assessment information
☐ Submitting assessments
☐ Plagiarism and referencing

I declare this assessment is my own work and where the work is of

others, I have fully referenced that material.

Name (please print):

Candidate signature:

Date:

Student Assessment Guide: BSBESB305 Version: V23.0 Page 7 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

3. Task A – Knowledge questions

3A. Instructions

Answer the questions below to demonstrate your knowledge of critical thinking concepts
and the value of applying such approaches in a work environment, critical thinking
techniques, and key components of decision making frameworks When answering the
questions, make sure you:

 Answer all parts of each question

 Use your own words and give examples wherever possible
 Keep in mind the quality of your answer is more important than how long it is
 Enter your answers in this document
 Acknowledge and cite any sources used

3B. Questions
Question A1

Describe the following regulatory, taxation and insurance compliance information and
specialist advice and services in relation to the following operation of new business
ventures using 100-150 words each:
 Industry codes of practice
 Mandatory and Voluntary standards as per the ACCC
 Business registration and licensing including ABN, tax file number and PAYG
requirements
 Work health and safety (WHS) requirements and responsibilities
 Insurance requirements for new businesses?

Answer in 100 – 150 words.

Your answer:

Student Assessment Guide: BSBESB305 Version: V23.0 Page 8 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

Regulatory, taxation and insurance Description

requirements
Industry codes of practice Industry codes of practice are guidelines
that outline standards and regulations
specific to a particular industry. These
codes help businesses understand the
expected level of performance and
compliance within their sector. For
example, in the food industry, there are
codes related to food safety, hygiene, and
labeling requirements.

Mandatory and Voluntary standards as per The Australian Competition and Consumer
the ACCC Commission (ACCC) sets both mandatory
and voluntary standards for businesses to
adhere to. Mandatory standards are legally
binding requirements, such as product
safety regulations, while voluntary
standards are recommendations that
businesses are encouraged to follow for
better consumer protection. Compliance
with these standards ensures fair trading
practices and consumer safety.

Business registration and licensing including When starting a new business venture, it is
ABN, tax file number and PAYG essential to register the business and
requirements obtain the necessary licenses. This includes
getting an Australian Business Number
(ABN), a tax file number (TFN), and
registering for Pay-As-You-Go (PAYG)
withholding for tax purposes. Proper
registration and licensing ensure the
business operates legally and meets
taxation obligations.

Work health and safety (WHS) Work health and safety regulations aim to
requirements and responsibilities protect the health and safety of employees
in the workplace. New businesses must
comply with WHS requirements by
providing a safe working environment,
conducting risk assessments, and
implementing safety measures.
Understanding WHS responsibilities helps

Student Assessment Guide: BSBESB305 Version: V23.0 Page 9 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

prevent workplace injuries and ensures

legal compliance.

Insurance requirements for new businesses New businesses need to consider various
insurance options to protect their
operations and assets. Common types of
insurance include public liability insurance,
professional indemnity insurance, and
workers' compensation insurance. These
insurances safeguard businesses against
financial losses due to accidents, lawsuits,
or property damage, providing a safety net
for unforeseen circumstances. It is crucial
for new ventures to assess their specific
insurance needs and secure appropriate
coverage.

Question A2

List 6 elements that a specialist in business compliance may offer advice for?

Answer in 6 sentences

Your answer:

Specialist advice
1 Compliance with Industry Regulations
2 Legal Entity Structure
3 Taxation and Financial Compliance
4 Employment Laws and HR Compliance
5 Data Privacy and Security Compliance
6 Environmental and Sustainability Compliance

Question A3

Discuss the different ways you could seek, select, and access specialist advice and services
for a new business.

Student Assessment Guide: BSBESB305 Version: V23.0 Page 10 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

Answer in 50 - 100 words.

Your answer:
Seeking specialist advice and services for a new business can be approached through
various avenues. One effective way is to tap into professional networks, such as industry
associations and chambers of commerce, to connect with experts in business compliance.
Utilizing online resources, like directories and forums, can also help in identifying and
selecting suitable specialists. Consulting firms specializing in compliance and related areas
offer tailored advice and services to meet specific business needs. Referrals from trusted
sources, such as mentors or other business owners, can provide valuable
recommendations. Additionally, government agencies, like the ATO and Safe Work
Australia, offer guidance and support on compliance requirements. By leveraging these
diverse channels, new businesses can access the necessary expertise to navigate
regulatory complexities and ensure legal adherence.

Question A4

Explain how you would arrange insurance cover for a new business?

Answer in 50 - 75 words

Your answer:

Arranging insurance cover for a new business involves several steps. Firstly, identify the
specific risks and liabilities your business may face, such as property damage, legal
claims, or employee injuries. Next, research and compare insurance options like public
liability and professional indemnity to determine the most suitable coverage. Contact
insurance providers to obtain quotes and policies tailored to your business needs.
Regularly review and update your insurance coverage as your business grows and
evolves to ensure ongoing protection.

Question A5

Describe the following key components of compliance procedures in 100-150 words each:
 Applying the industrial relations principles
 Applying the taxation principles
 Updating and maintaining legal documents(including records and information
management (RIM) and record keeping schedules)
 Investigating areas of non-compliance including the steps to identify non
compliance
 Monitoring provision of products and/or services

Student Assessment Guide: BSBESB305 Version: V23.0 Page 11 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

 Taking corrective action where necessary

Answer in 100 - 200 words.

Your answer:

Key components of compliance Description

procedures
industrial relations principles Compliance procedures related to industrial
relations principles involve ensuring fair
and lawful practices in the workplace. This
includes adhering to employment laws,
addressing workplace grievances, and
promoting healthy employer-employee
relationships. Key components include
establishing clear HR policies, conducting
regular performance reviews, and providing
training on workplace rights and
responsibilities. Monitoring employee
satisfaction levels and addressing any issues
promptly are essential in upholding
industrial relations principles and fostering
a positive work environment.

taxation principles Compliance procedures regarding taxation

principles focus on meeting tax obligations
and regulations. This involves accurate
record-keeping of financial transactions,
timely submission of tax returns, and
understanding tax deductions and credits
applicable to the business. Key components
include maintaining organized financial
records, staying informed about changes in
tax laws, and seeking professional advice
when necessary. By ensuring proper tax
compliance, businesses can avoid penalties,
minimize tax liabilities, and contribute to
overall financial stability.

Updating and maintaining legal documents Compliance procedures for updating and
(including records and information maintaining legal documents, including
management (RIM) and record keeping records and information management

Student Assessment Guide: BSBESB305 Version: V23.0 Page 12 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

schedules) (RIM) and record-keeping schedules, are

vital for regulatory adherence. This includes
documenting business transactions,
contracts, policies, and other essential
records in a systematic and secure manner.
Key components involve establishing
document retention policies, conducting
regular audits of record-keeping practices,
and ensuring data privacy and security
compliance. By maintaining accurate and
up-to-date legal documents, businesses can
demonstrate transparency, mitigate risks,
and respond effectively to legal inquiries or
audits.
Investigating areas of non-compliance
including the steps to identify non Compliance procedures for investigating
compliance areas of non-compliance require a
systematic approach to identifying and
addressing violations of regulations or
internal policies. Key steps include
conducting internal audits, reviewing
operational processes, and analyzing
compliance reports to pinpoint areas of
concern. Once non-compliance is identified,
businesses must take corrective action
promptly to rectify issues, prevent future
violations, and mitigate potential risks.
Implementing robust monitoring
mechanisms and fostering a culture of
compliance are essential in proactively
addressing areas of non-compliance.
Monitoring provision of products and/or Compliance procedures for monitoring the
services provision of products and/or services
involve ensuring quality, safety, and
adherence to industry standards. This
includes conducting regular product/service
inspections, collecting customer feedback,
and tracking performance metrics. Key
components include implementing quality
control measures, addressing customer
complaints promptly, and conducting
periodic reviews of product/service
offerings. By monitoring the provision of
products and services effectively,

Student Assessment Guide: BSBESB305 Version: V23.0 Page 13 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

businesses can maintain customer

satisfaction, uphold brand reputation, and
identify opportunities for improvement and
innovation.

Taking corrective action where necessary Compliance procedures for taking

corrective action involve responding to
non-compliance issues decisively and
effectively. Key steps include investigating
root causes of non-compliance, developing
action plans to address shortcomings, and
implementing corrective measures
promptly. Communication with
stakeholders, documenting corrective
actions taken, and monitoring the
effectiveness of interventions are crucial
components of corrective action
procedures. By taking proactive and timely
corrective action, businesses can
demonstrate commitment to compliance,
mitigate risks, and enhance overall
operational efficiency and effectiveness.

4. Task B – Identify, access and

research compliance requirements
4A. Instructions
In Task B, you will determine the regulatory, taxation, and insurance requirements that
apply to a new business venture and gain access to information that aids in the
interpretation and explanation of identified compliance requirements along with
investigating the relationships between legislation, regulations, codes of practise, associated
standards, and accessed information in order to determine the business venture's
compliance requirements.

For Tasks B, C and D, you may either:

a) Use the provided case study, OR

b) Use your own workplace

Student Assessment Guide: BSBESB305 Version: V23.0 Page 14 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

If using the case study

If using the case study, you must read the Case Study Information document provided
before starting the Tasks, B, C and D

If using the workplace

If using your own workplace, you must make sure you have access to relevant
documentation and resources. This includes access to:

A workplace that will allow you access to workplace documentation, including:

 business technology, including internet access for research
 legislation, regulations, codes of practice and standards relating to compliance
requirements described in performance evidence
 Workplace procedures and resources relevant to performance evidence
People, including: (if applicable)

 One supervisor to seek and discuss feedback with

If using the Case Study, you will also need:

 At least one volunteer to participate in role play activities

 Video camera or a mobile phone with video recording capabilities

You will also be required to provide evidence of your work and relevant documentation as
your progress through Tasks B-C.

Gain approval for using your own workplace

If you wish to use your own workplace for the following questions, you must discuss this
with your trainer.

Make sure you receive approval from your trainer to use your own workplace before
starting Tasks B-D.

4B. Questions
Question B1

Student Assessment Guide: BSBESB305 Version: V23.0 Page 15 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

Research, analyse and determine the regulatory, taxation, and insurance requirements that
apply to the new business venture.

If you are using your own workplace:

In the answer template below:

 Provide a brief description of your business and you role within your business
 Conduct research using the internet and through access to workplace policies
and procedures and gain access to information that aids in the interpretation and
explanation of identified compliance requirements of your business, this should
include:
 Regulatory requirements for the business
 Business Taxation requirements
 Insurance requirements for businesses
 Document your findings in the answer box below and include all url links to
websites visited and workplace polices sourced with your final submission
Note:

 Workplace policies and procedures includes but are not limited to:
o Insurance schedules and processes
o Compliance programs
o Codes of Conduct

If you are using the provided case study:

In the template below:

 Using Case study section 2a, Provide a brief description of Grow Management
and your simulated role within the workplace. (25-50 words)
 Using Case Study section 2b , and Grow Management‘s Strategic Operational
Plan in Case Study Appendix 4, conduct research and gain access to information
that aids in the interpretation and explanation of identified compliance
requirements of this business, this should include:

Student Assessment Guide: BSBESB305 Version: V23.0 Page 16 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

o Regulatory requirements for the business

o Business Taxation requirements
o Insurance requirements for businesses
 Document your findings in the answer box below and include all url links to
websites visited.

Answer in 100 - 200 words.

Your answer:

Grow Management Consultants is a newly established business consultancy firm founded

by Principal Consultants, Paul Burns and Sammy Martin. The firm offers services such as
web-based coaching, training on operations and policies, bite-sized video tutorials for
onboarding, and business compliance consulting. Compliance Analyst at Grow
Management Consultants, my role involves conducting research, analyzing compliance
requirements, and ensuring the business meets regulatory standards and taxation
obligations while managing insurance requirements.

Regulatory Requirements:

Australian Competition and Consumer Commission (ACCC): The ACCC enforces the
Competition and Consumer Act 2010 to promote fair trading and consumer protection.
Grow Management must adhere to these regulations to ensure compliance with
competition and consumer laws. (https://www.accc.gov.au/)

Service NSW for Business: Service NSW provides information and resources for businesses
operating in New South Wales, including licensing and compliance requirements. Grow
Management should review relevant guidelines to ensure compliance with state
regulations. (https://www.service.nsw.gov.au/)

Business Taxation Requirements:

ATO Business Activity Statements (BAS): The ATO's BAS page provides information on
reporting and paying business taxes, including Goods and Services Tax (GST). Grow
Management needs to understand and fulfill its taxation obligations to remain compliant.
(https://www.ato.gov.au/business/business-activity-statements-(bas)/)

Insurance Requirements for Businesses:

BizCover - Public Liability Insurance: BizCover offers public liability insurance tailored for
businesses to protect against claims of property damage or injury. Grow Management

Student Assessment Guide: BSBESB305 Version: V23.0 Page 17 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

should consider securing this type of insurance to mitigate risks.

(https://www.bizcover.com.au/public-liability-insurance/)

BizCover - Professional Indemnity Insurance: Professional indemnity insurance from

BizCover can safeguard Grow Management against claims of professional negligence or
errors. This coverage is crucial for consultancy firms providing expert advice.
(https://www.bizcover.com.au/professional-indemnity/)

Question B2

 Write a report outlining the details of the key compliance requirements for the
following areas that you researched in QB1:
o Regulatory requirements for the business
o Business Taxation requirements
o Insurance requirements for businesses

If you are using your own workplace:

 Write a report to your Supervisor outlining the details of the key compliance
requirements for the following areas that you research in QB1:
o Regulatory requirements for the business (including industry standards
and codes of practice and WHS responsibilities and requirements)
o Business Taxation requirements
o Insurance requirements for businesses
 Document your report in the template below ensuring you answer all sections of
the template.

If you are using the provided case study:

 Write a report to your Supervisor outlining the details of the key compliance

Student Assessment Guide: BSBESB305 Version: V23.0 Page 18 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

requirements for the following areas that you research in QB1:

o Regulatory requirements for the business(including industry standards and
codes of practice and WHS responsibilities and requirements)
o Business Taxation requirements
o Insurance requirements for businesses
 Document your report in the template below ensuring you answer all sections of
the template.
 You can use Case Study section 2b and 2c to assist

Answer in 500-750 words.

Your answer:

Report on Key Compliance Requirements for Grow Management Consultants

To: Supervisor
From: Compliance Analyst
Date: 02/05/2024

Regulatory Requirements for the Business:

1. Industry Standards and Codes of Practice: Grow Management Consultants must
adhere to industry-specific codes of practice related to business consultancy services.
These codes outline standards for operations, client engagements, and ethical conduct
within the consulting industry.
2. Work Health and Safety (WHS) Responsibilities and Requirements: Compliance with
WHS requirements is crucial for ensuring a safe workplace for employees and clients.
This includes conducting risk assessments, implementing safety protocols, and providing
adequate training to prevent workplace injuries.

Business Taxation Requirements:

1. Understanding Taxation Obligations: Grow Management must fulfill its taxation
obligations as per Australian tax laws. This includes accurately reporting income, paying
applicable taxes, and staying updated on changes in tax regulations.
2. ATO Business Activity Statements (BAS): Compliance with BAS requirements is
essential for reporting business income, claiming tax credits, and meeting Goods and
Services Tax (GST) obligations.

Insurance Requirements for Businesses:

1. Public Liability Insurance: Considering public liability insurance is crucial for protecting
the business against claims of property damage or injury arising from its operations.
2. Professional Indemnity Insurance: Professional indemnity insurance is recommended

Student Assessment Guide: BSBESB305 Version: V23.0 Page 19 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

to safeguard Grow Management against claims of professional negligence or errors in

consultancy services, providing financial protection and peace of mind.

Conclusion:
Ensuring compliance with regulatory standards, meeting taxation obligations, and
securing appropriate insurance coverage are vital aspects for the successful operation of
Grow Management Consultants. By proactively addressing these key compliance
requirements, the company can mitigate risks, uphold legal obligations, and maintain a
reputable and sustainable business model.

Thank you for your attention to these compliance matters.

Compliance Analyst
Grow Management Consultants

5. Task C – Identify and seek specialist

advice on compliance

Student Assessment Guide: BSBESB305 Version: V23.0 Page 20 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

5A. Instructions
Task C follows on from Task B. In this task, you are required to:

 Identify, select and access specialist advice and services relevant to identified
compliance requirements and Business needs, including required resources, and
workplace procedures
 You will then confirm compliance requirements and their appropriateness for
business, and address risk minimisation needs with specialist advisor

5B. Questions
Question C1

Identify, access and select special advice and support and clarify and confirm compliance
requirements and specialist advice including risk minimisation needs with the specialist
advisor

If you are using your own workplace:

 Research specialist advice that you could seek for the following areas of compliance
for your business:
o Taxation services including Tax reporting processes and following taxation
and industrial relations principles
o Legal requirements including processes for updating and maintaining legal
documents and WHS requirements and reporting.
o Insurance services and insurance cover for the business
 In the response box below:
o describe the two areas of compliance you are focusing on
o document the specialist advice sought
o describe how you clarified and confirmed the appropriateness of the advice
for your business
o describe the advice received regarding risk minimisation
 Include evidence of the advice sought such as:
o Call Booking forms
o Email communication

Student Assessment Guide: BSBESB305 Version: V23.0 Page 21 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

o Meeting minutes

If you are using the provided case study:

 Using the Case study Section 3a and 3b research specialist advice that you could
seek for the following areas of compliance for Grow Management:
o Taxation services including Tax reporting processes and following taxation
and industrial relations principles
o Legal requirements including processes for updating and maintaining
legal documents and WHS requirements and reporting.
o Insurance services and insurance cover for the business
 In the response box below:
o describe the two areas of compliance you are focusing on
o document the specialist advice sought
o describe how you clarified and confirmed the appropriateness of the
advice for your business
o describe the advice received regarding risk minimisation
 Include evidence of the advice sought such as:
o Call Booking forms
o Email communication
o Meeting minutes

Answer in 100 - 200 words.

Your answer:
Compliance Area 1 Taxation Services and Tax Reporting Processes
Compliance Area 2 Legal Requirements and Work Health and Safety (WHS)
Reporting
Specialist name Tax & Legal Compliance Solutions Pty Ltd
What advice were you given I sought advice on tax reporting processes and ensuring
for Compliance Area 1? compliance with taxation and industrial relations
principles. The specialist recommended implementing a
structured approach to record-keeping, timely filing of tax
returns, and conducting regular reviews to ensure
adherence to tax laws

Student Assessment Guide: BSBESB305 Version: V23.0 Page 22 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

What advice were you given The focus was on updating legal documents, maintaining
for Compliance Area 2? WHS requirements, and reporting practices. The specialist
advised establishing a document management system for
legal records, conducting WHS audits, and implementing
safety protocols to minimize risks.
How did you clarify and I conducted detailed discussions with the specialist,
confirm the appropriateness reviewed relevant case studies, and cross-referenced the
of the advice for your recommendations with industry best practices. The
business? specialist provided comprehensive guidance tailored to
Grow Management's specific compliance needs, ensuring
alignment with regulatory requirements and business
objectives.
What advice did the The specialist emphasized the importance of proactive
specialist provide regarding compliance measures to mitigate legal and operational
risk minimisation needs? risks. This included implementing robust internal controls,
conducting regular compliance audits, and fostering a
culture of transparency and accountability within the
organization.
Provide evidence of the Evidence of the advice sought includes email
advice such as calls/ emails/ communications detailing the consultation topics, meeting
booking forms/ meeting minutes documenting the discussions and
minutes recommendations, and booking forms confirming the
specialist consultations.

Question C2

Meet with supervisors to review and document the advice and procedures documented in
QC1.Ensure your advice relates to the following areas of Compliance:
 Taxation services including Tax reporting processes and following taxation and
industrial relations principles
 Legal requirements including processes for updating and maintaining legal
documents and reporting
 Insurance services and insurance cover for the business
Ensure your meeting allows for the following communication techniques to be used:
 Clear and articulate language use suitable to your supervisors understanding
 Active listening
 Open ended questioning techniques

Student Assessment Guide: BSBESB305 Version: V23.0 Page 23 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

 Use of formal and informal mathematical language ( when discussing insurance

quotes, costs and figures)

If you are using your own workplace:

 You will conduct the meeting with your Supervisor to discuss the advice provided
by the specialist services for Compliance areas 1 and 2
 Ensure your advice relates to the following areas of Compliance:
o Taxation services including Tax reporting processes and following taxation
and industrial relations principles
o Legal requirements including processes for updating and maintaining
legal documents and reporting.
o Insurance services and insurance cover for the business
 Document the minutes of your meeting in the response box below.
You may record your meeting and provide a link to it. For example, you may upload your
recording to YouTube as an unlisted video or provide a link to a Google Drive folder. If
you are sharing a link, ensure you test your link to make sure it is working correctly.

Your trainer will be looking for your ability to use:

o Clear and articulate language use suitable to your supervisors

understanding
o Active listening
o Open ended questioning techniques
o formal and informal mathematical language ( when discussing insurance
quotes, costs and figures)

If you are using the provided case study:

 Using Case Study section 3b, 3c and 3d and 5a you will conduct a role play
meeting with Paul Burns to discuss the advice provided by the specialist services
1 and 2 for:
o Taxation services including Tax reporting processes and following taxation
and industrial relations principles
o Legal requirements including processes for updating and maintaining

Student Assessment Guide: BSBESB305 Version: V23.0 Page 24 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

legal documents and reporting

o Insurance services and insurance cover for the business
 Document the minutes of your meeting in the response box below

You may arrange time for your trainer to observe your meeting in real-time – either
virtually or in person.

Alternatively, you may record your meeting and provide a link to it. For example, you
may upload your recording to YouTube as an unlisted video or provide a link to a Google
Drive folder. If you are sharing a link, ensure you test your link to make sure it is working
correctly.

Your trainer will be looking for your ability to use:

o Clear and articulate language use suitable to your supervisors

understanding
o Active listening
o Open ended questioning techniques
o formal and informal mathematical language ( when discussing insurance
quotes, costs and figures)

Answer in 75 - 100 words.

Your answer:

Meeting Minutes

Date meeting took 01/05/2024

place

Name of Supervisor ( Paul Burns, Co-founder, and Principal Consultant

and brief description
of job role)

Organisation/ Grow Management Consultants

Workplace

What Questions did you ask about: How can we streamline our tax reporting

Student Assessment Guide: BSBESB305 Version: V23.0 Page 25 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

Taxation services including Tax reporting processes to ensure compliance with

processes and following taxation and taxation laws?
industrial relations principles?
In what ways can we integrate industrial
relations principles into our tax practices
for better employee relations?

What advice did your supervisor provide? Supervisor emphasized the importance of
accurate record-keeping, timely tax filing,
and regular updates on tax laws to meet
obligations effectively. Integrating
industrial relations principles can promote
transparency and fairness in tax practices.

What Questions did you ask about: What types of insurance cover are
Insurance services and insurance cover for essential for our business, considering our
the business? consultancy services?

What advice did your supervisor provide? Supervisor recommended exploring public
liability and professional indemnity
insurance options from BizCover to
safeguard the business against potential
risks and liabilities associated with
consultancy services.

What Questions did you ask about: How should we approach updating and
Legal requirements including processes for maintaining legal documents to ensure
updating and maintaining legal regulatory adherence and data privacy?
documents and reporting?
What reporting processes should we
implement to meet legal requirements
effectively?

What advice did your supervisor provide? Supervisor advised establishing a

structured document management system
for legal records, conducting regular
audits for compliance, and maintaining
data privacy protocols to meet legal
requirements comprehensively.

Question C3

Student Assessment Guide: BSBESB305 Version: V23.0 Page 26 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

Document and implement the compliance procedures discussed with your Supervisor
according to specialist advice received. Ensure that you implement at least 2 different
procedures related to:
 Taxation services including Tax reporting processes and following taxation and industrial
relations principles
 Insurance processes for business compliance

If you are using your own workplace:

 Based on the advice provided by the specialist and your supervisor in QC1,
Document and implement the compliance procedures discussed. Ensure that you
implement at least 2 different procedures related to:
o Taxation services including Tax reporting processes and following taxation
and principles - include risk minimisation procedures in this process
o Insurance processes for business compliance - include risk minimisation
procedures in this process
 You will be required to submit at least two policies/ procedures or processes that
you have adjusted or created to support the implementation.
 Note: You will be required to provide evidence of at least 2 different processes/
procedures/ policies that have been implemented with your final submission.
 If you require policy and/or procedure templates please use the Insurance
Schedule/ Tax Reporting Process and WHS Policy templates below to document
the process created/adjusted and implemented for compliance purposes.

If you are using the provided case study:

 Using the information provided in Case Study section 3c and 3d:
o Create an Insurance Compliance Process including the information
provided by both Paul Burns and the two specialist advisors
o Create an Tax Compliance Process including the information provided by
both Paul Burns and the two specialist advisors
o Ensure BOTH process include the risk minimisation procedures as
identified by Specialist Advisor 2.

Student Assessment Guide: BSBESB305 Version: V23.0 Page 27 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

Answer in 75-100 words.

Your answer:

Insurance Compliance Process

1. Assessment: Gather information on business operations and risks from Paul Burns and
specialist advisors.
2. Insurance Coverage Selection: Determine suitable public liability and professional
indemnity insurance options with input from Paul Burns and advisors.
3. Policy Implementation: Enforce insurance policies as recommended by advisors and
monitor compliance with regulatory requirements.
4. Risk Minimization: Implement risk mitigation strategies advised by Specialist Advisor 2,
such as regular risk assessments, staff training, and incident reporting.

Tax Compliance Process

1. Data Collection: Collect tax-related information and records as per ATO's BAS page and
advice from Paul Burns and advisors.
2. Tax Reporting: Prepare and submit accurate tax reports in alignment with regulatory
guidelines and advice provided by Paul Burns and advisors.
3. Compliance Monitoring: Regularly review tax obligations and stay informed about
changes in tax laws to ensure ongoing compliance.
4. Risk Minimization: Implement risk reduction measures recommended by Specialist
Advisor 2, such as internal controls, audits, and proactive tax planning.

Student Assessment Guide: BSBESB305 Version: V23.0 Page 28 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

6. Task D – Implement specialist

advice and compliance procedures
6A. Instructions
Task D follows on from Task C. In this task, you are required to:

 Arrange insurance cover for the business according to business needs, available
resources, and workplace procedures
 Seek feedback on the implementation of the changes in compliance processes
documented in Task C

6B. Questions
Question D1

Arrange quotes for insurance cover. At a minimum, gain quotes for the following areas of
business insurance cover:
 Workers Compensation
 Professional and public Liability
 Cyber Security

If you are using your own workplace:

1. Arrange quotes for insurance cover. At a minimum, gain quotes for the following
areas of business insurance cover:
 Workers Compensation
 Professional and public Liability
 Cyber Security
2. Include evidence of quotes such as paper based quotes, emailed quotes. Screen
shots of quotes provided
3. Complete the response box below to describe the insurance quotation process
and also which quotes were the best for your business

Student Assessment Guide: BSBESB305 Version: V23.0 Page 29 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

If you are using the provided case study:

1. Using the advice sourced by David Grey in Case Study Section 4a organise quotes
for insurance cover. At a minimum, gain quotes for the following areas of
business insurance cover:
 Workers Compensation
 Professional and public Liability
 Cyber Security
2. Include evidence of quotes such as paper based quotes, emailed quotes. Screen
shots of quotes provided
3. Complete the response box below to describe the insurance quotation process
and also which quotes were the best for your business

Your answer:
75 - 100 and words in length.

For the insurance quotation process, David Grey sourced quotes for Workers
Compensation, Professional and Public Liability, and Cyber Security insurance cover. He
collected quotes from various insurance providers and reviewed the terms and coverage
offered in each quote. Screen shots of the quotes provided evidence of the quotations
obtained.

After analyzing the quotes, David determined that the best option for the business was a
comprehensive package that included Workers Compensation, Professional and Public
Liability, and Cyber Security coverage. This package offered competitive rates, sufficient
coverage limits, and tailored protection for Grow Management Consultants' specific
needs. By selecting this comprehensive package, the business ensured comprehensive
insurance coverage across different risk areas at a competitive cost.

Question D2

Student Assessment Guide: BSBESB305 Version: V23.0 Page 30 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

Seek feedback about the implemented compliance procedures and business insurance
quotes and document the feedback received in a written summary

If you are using your own workplace:

1. Seek feedback about the implemented compliance procedures and business

insurance quotes from your supervisor. This may be through meetings/phone
calls or emails
2. The feedback received in a written summary in the answer box below and include
any authentic evidence of the meeting such as email communication screen
shots or phone/ video recordings.
Ensure your communication and feedback includes reference to:
 Use of formal and informal mathematical language ( when discussing insurance
quotes, costs and figures)

If you are using the provided case study:

1. Using Case Study Section 5b, hold a role play with a fellow class mate to role play
Paul Burns and David Grey of Grow Management Supervisor
2. Seek feedback about the implemented compliance procedures and business
insurance quotes from your supervisor. During this meeting you must:
a. Request feedback from Paul
b. Discuss how you will add the changes to the corrective action register for
reporting purposes
3. Document the feedback received in a written summary in the answer box below
and include any authentic evidence of the meeting such as email communication
screen shots or phone/ video recordings.
Ensure your communication and feedback includes reference to:
 Use of formal and informal mathematical language ( when discussing insurance
quotes, costs and figures)

Answer in 50 - 100 words.

Student Assessment Guide: BSBESB305 Version: V23.0 Page 31 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

Your answer:

Summary of feedback received

Paul Burns provided positive feedback on the implemented compliance procedures and
the selection of the comprehensive insurance package. He acknowledged the thorough
assessment of risks, selection of appropriate coverage, and the tailored protection
provided by the chosen insurance package. Paul expressed satisfaction with the diligence
shown by David Grey in sourcing quotes and making informed decisions for the business's
insurance needs.

Evidence of meeting

Subject: Meeting Confirmation and Feedback Request

Dear Paul Burns,

I hope this email finds you well. I am writing to confirm our upcoming meeting to discuss
the implemented compliance procedures and insurance quotes for Grow Management
Consultants. The meeting is scheduled for 05/05/2024 at 10:00 am on Zoom.

During our meeting, I would appreciate your feedback on the compliance procedures
implemented and the selection of the comprehensive insurance package. Your insights
and suggestions are valuable in ensuring our business operations align with best practices.

I look forward to our discussion and appreciate your time and feedback on these
important matters.

Best regards,
David Grey

Student Assessment Guide: BSBESB305 Version: V23.0 Page 32 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

7. Assessment submission
7A. Instructions
Once you have completed Tasks A-D, you may submit your assessment. Ensure you do this
by the provided due date.

Before submitting, use the checklist below to make sure you have completed all questions
and provided all relevant evidence.

7B. Checklist

STUDENT SELF-CHECKLIST

Instructions: Place a tick ‘✓ ’ in the Yes (“Y”) column for each component you have completed.

Have you… Related assessment Y

question(s)
✓

Answered all knowledge questions? Task A, Questions A1 – A5

Answered all practical questions? Task B, Questions B1 – B2

Task C, Questions C1 – C3

Task D, Questions D1-D2

Attached : Workplace policies and Task B, Question B1

procedures or links to same including but not
limited to:
 Insurance schedules and
processes
 Compliance programs
 Codes of Conduct

Attached: evidence of the specialist advice Task C, Question C1

sought such as:
 Call Booking forms
 Email communication

Student Assessment Guide: BSBESB305 Version: V23.0 Page 33 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023

 Student Assessment Guide: BSBESB305 – Apply critical thinking to work practices

 Meeting minutes

Attached: Recording of Video/ Virtual Task C, Question C2

meeting with stakeholder to discuss specialist
advice received (over Zoom/Teams/Google
meet/Facetime)

Attached: Evidence of quotes such as paper Task D, Question D1

based quotes, emailed quotes. Screen shots
of quotes provided

Attached: Recording of Video/ Virtual Task D, Question D2

meeting with stakeholder to seek feedback o
implementation of compliance procedures
(over Zoom/Teams/Google meet/Facetime)

Student Assessment Guide: BSBESB305 Version: V23.0 Page 34 of 34

Developed by: ACBI Approved by: DoS Issued: April 2023