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Research and Comply with Regulatory Requirements Assignment Help
This research and comply with regulatory requirements assignment help in this solution we explore GST tax, taxation, health and safety issues, internal audit, contingency plan.
Applying for ABN and company name
ABN is unique business number what is provided by Government as recognition of the business. If I want to start up a new hospitality management to my area in Australia, first I need to apply for an ABN number. It helps to separate one business from other businesses. Application of ABN can be done from Australian government website (https://abr.gov.au). This online application form will be required to provide all the information of applicant. This application procedure is completely free and it could be taking around 40 minutes to complete the entire online informative procedure. The online form is required to fill up with this below mentioned information:
- Personal information
- Detailing of business that is applied for.
- Information of business association
- Cause of application
- Nature of business
- It should be confirmed by the applicant that all the given information is true.
In case of any needed help, a help icon is mentioned over there. After completion of entire procedure, I will have my ABN number to start up my business. A copy of the online application along with given ABN number should be printed out (Australian Business Register, 2016).
Business name is considered as brand through which entire option program will be placed. Now choosing a business name will be done through two steps:
Checking available business name
We need to check first whether there is already a business running with our selected names or not. We need to visit the Australian Securities & Investments Commission (ASIC)’s website to ensure the availability of business name. It is included of following structure:
- We need to search availability of business names through ASIC’s website (https://connectonline.asic.gov.au/RegistrySearch/)
- We need to put our selected business name so that it could fetch the available businesses with that name.
- A “Go” bottom will be there which will complete this search procedure.
- A, appropriate name should be selected as per the business (ASIC, 2016).
Registration of business name
Once the business name gets confirmed then it should be registered under the norms and regulation of Australian government. First we should visit ASIC connect portals and create a business account in regards with that (ASIC, 2016). It will take around 20 minutes to make all the set up done. A final registration confirmation will be provided after completion of this online procedures. Apart of this, trade market registration can also be done to secure all the registration rights.
It will take an one registration fees of $34AUD and $79 AUD will be charged for three years. Assistance could be taken from this given link (http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/).
Registration of domain website
Domain name is something what ensures the online presence of a business. If we are starting a hospitality business then all the required details will be available for customer over there. Domain name should be chosen as per business nature and branding name (AUDA, 2016). It should be easy to remember also. Assistance in this regards will be provided by below mentioned link (http://www.auda.org.au/). It will be charged as per the preference of applicant.
Proper report in regards of building premises which is using for business should be submitted to department of planning and community development. A free basic property report can be fetched from this link (Land.vic.gov.au). It should be confirmed that the building is not belonging the government heritage listings. Building planning should be advised by building commissions’ practitioner (VIC, 2016).
GST stands for goods and service tax. It charged 10% tax of any services in Australia. Our hospitality organization should charge an adjustable amount from the customer what will adjust the needed tax. GST is payable to Australian Taxation law Office (ATO, 2016). GST will be calculated on the gross income of our hospitality organization rather than profitability amount. Whenever our organization will have a turnover of $75 000, it will be entitled to GST. Although initially it’s not required in case to start up but after a year the organization must be registered with GST as per its income structure. GST also can be asked back from ATO. GST assistance could be taken from the below mentioned link whereas ABN and AUSkey are required to submit the required GST.
A proper planning of business should submitted and certified by authorized department of government.Business planning should also be approved by ACT Government's statutory agency. It should be included a proper planning of organizational structure and operation procedure.
If the hospitality business is involved with partnership business then it’s required to be entitled with TFN (tax file number) (ATO, 2016). Usually this kind of permission can be taken from Australian taxation office. This application could be filed with this web link https://www.ato.gov.au/Forms/TFN---application-for-individuals/.
Payroll tax should be submitted in proper time by every hospitality organization in Australia. This tax varies as per state of employees and organizations (GOV AU, 2016). If the paid wages amount of the employer crosses a fixed given benchmark then the organization or the employer is entitled to pay this state tax. Payroll tax could be submitted through by creating an account with this given link. http://www.payrolltax.gov.au/.
Health and safety issues
Health and safety issues can be solved by several initiatives:
- Fire protection: Hospitality premises should be properly protected by fire extinguisher to ensure the security issues. Employees should be properly trained to handle and fire issues. A permission from Australian fire and safety department is also required.
- Insurance: It is required to be focused on insurance related things for staring up hospitality business. All commercial risk will be in control by proper implementation of insurance (GOV AU, 2016). Third party insurance should also be done appropriately to minimize the exposure of risk. Insurance depends as per the nature of business. Basically there are three types of insurance:
- Employees must be compensated with insurance.
- Third party insurance is very essential for any kind of employee injuries.
- Public liability insurance should also be done.
Third party insurance will cover up the life insurances of employees. It will also ensure if there are any employee disabilities caused within duty hours.
- Legal advises: Office of regulatory services should issue a clarification of business nature and operation procedures. Business planning should also be approved by ACT Government's statutory agency. Business migration related issues will be advised by the ACT Government Business and Industry Development. ACT land authority will permit the building approvals and development issues. ACT revenue office websites will guide the hospitality organization how to submit proper taxes and how it will be calculated.
- Liquor licenses: Hospitality organizations should have proper license to sell alcohols and wine within the premises. Organization should be supported with subsidiary on-premises license to deal with liquors within the hospitality area.
But again it depends on the types of hospitality organizations like hotels, motels, nightclubs, pubs etc. Bar license is also required in case of hospitality organizations to serve alcohols to the customers. Industrial canteen license should also be added in case of alcohols consumption in hotel premises. A start up hospitality organization should apply for commercial special facility license and wine license to deal with liquor in Australia.
Monitoring legal compliance: Compliances should always be simplified to integrate the business strategy. Strategies business compliances helps to enhance customer satisfaction. A monitoring on compliances will reduce the unnecessary costing of the hospitality business. It helps to manage performance and production as per legislation along with regulatory facts. An exposure risk factors should be encountered by monitoring compliances properly.
Internal audit is procedure by which a hospitality organization can reach to its purpose and achievements. A start up hospitality organization should create a team of internal auditor who will be responsible to review the system work done. It can be considered as a risk management tool which will maximize the productivity of an organization (GOV AU, 2016). The audits will indicate how the work process are done in systematic way saturating risk factors. The internal audit team will advise about the further strategic planning. The audit report will be referred to audit committee and will be submitted to the management of hospitality organization
Through induction procedure staff of the hospitality organization could be trained as per the targeted operation procedure. Skilled staffs are enabled to provide better customer satisfaction which will enhance the productivity indirectly. Staff training will create employee motivation which is much needed for tipped and non-tipped employee of hospitality sectors. Staffs will apply the acquired skill on their work to finish it fine. Training will make them multi-tasking as well.
Dissemination of information process
Being a company the organization is required to prepare the annual reports. The annual reports of the organization would include the profit and loss account, the balance sheet, the cash flow statement and the statement of changes to equity. Apart from that the organization also needs to disclose information in regards to CSR activities.
In addition to the above mentioned an organization should have a contingency plan in place to account for data breach. The same needs to be in line with the relevant data protection act.
Mapping to Workplace Planning and Operations
The workforce planning and operations plan should include workforce analysis, forecasting the needs of the future, Analysis of GAPS, developing strategies, implementation of the strategies adopted and monitoring and evaluation of the same.
The implementation procedure should be such that the organization has control over the activities of the organization and the same is evaluated from time to time.
ASIC, (2016). ASIC Home | ASIC - Australian Securities and Investments Commission. [online] Asic.gov.au. Available at: http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/ [Accessed 8 Feb. 2016].
ASIC, N. (2016). Search Company and Other Registers. [online] Connectonline.asic.gov.au. Available at: https://connectonline.asic.gov.au/RegistrySearch/ [Accessed 8 Feb. 2016].
ATO, (2016). Businesses | Australian Taxation Office. [online] Ato.gov.au. Available at: https://www.ato.gov.au/general/online-services/businesses/ [Accessed 8 Feb. 2016].
ATO, (2016). TFN - application for individuals | Australian Taxation Office. [online] Ato.gov.au. Available at: https://www.ato.gov.au/Forms/TFN---application-for-individuals/ [Accessed 8 Feb. 2016].
AUDA, (2016). Home Â» auDA. [online] Auda.org.au. Available at: http://www.auda.org.au/ [Accessed 8 Feb. 2016].
Australian Business Register, (2016). Australian Business Register. [online] Abr.gov.au. Available at: https://abr.gov.au [Accessed 8 Feb. 2016].
GOV AU, (2016). Payroll Tax Australia. [online] Payrolltax.gov.au. Available at: http://www.payrolltax.gov.au/ [Accessed 8 Feb. 2016].
VIC, (2016). Land Channel. [online] Land.vic.gov.au. Available at: http://Land.vic.gov.au [Accessed 8 Feb. 2016].