Apply Legal Requirements & Manage Small Business Finances

Apply Legal Requirements & Manage Small Business Finances Lesson 3 Cert IV - M. S. Martin January 2012

Todays Lesson • Applied key legal terms in an act • Policy and the Law • Local acts and council Cert IV - M. S. Martin January 2012

Lesson 3 - Legal Cert IV - M. S. Martin January 2012

Key terms – ‘Powers or Rights’ • Continues chapter 2, forth page • An example for a power might be the power of a Building Surveyor to enter the site and inspect footings. • Think of any others ? Cert IV - M. S. Martin January 2012

Key terms – ‘Duties’ or ‘Responsibilities’ • An example of a duty, might be the duty a Building Surveyor owes to the consumer to ensure that the house they are having built is compliant with the Building Code of Australia. • What is another example of a builders duty ? Cert IV - M. S. Martin January 2012

Policy and the Law • Names can vary, but policy documents ‘describe ways the government would like builders and others to do things’. • Can be referred to in Act’s and are clearly part of the Law. • Councils are a good source, they have to be aware of state law and policy • Often council web sites will have links to acts or regulations associated with a policy (e.g.) • http://www.randwick.nsw.gov.au/Places_for_people/Building_and_development/index.aspx Cert IV - M. S. Martin January 2012

Cert IV - M. S. Martin January 2012

Builders Licencing • This is covered in Chapter 3 of your text • We looked at the different classifications for licences, and the process map in week 1 • On the second page of the chapter there is a link provided http://www.bla.net.au/this doesn’t appear to be operational, so • If we look at the questions in lieu of on next slide Cert IV - M. S. Martin January 2012

Questions • The licensing Authority in our State is ? • The NSW Office of Fair Trading, and the link for licensing is: • http://www.fairtrading.nsw.gov.au/Tradespeople/Home_building_licensing.html • As for what it does? • The office has other roles as well, but for building, it provides both information and support, for licensing, insurance, and professional development. As well as being the department for licence application and processing. Cert IV - M. S. Martin January 2012

Activity Two • locate the names of all the Acts administered by the licensing authority or relevant to it. • From the OFT home page, its basically 3 clicks to this link • http://www.fairtrading.nsw.gov.au/About_us/Legislation/List_of_legislation.html • The whole list is long, I’ve summarised it ‘in part’ on the next two slide’s Cert IV - M. S. Martin January 2012

OFT Legislative documents • The list below shows you the range of laws NSW Fair Trading administers. Accessing any of these Acts will remove you from our website and take you to a database of all NSW's Legislation. The NSW Parliamentary Counsel's Office (PCO) operates this database and is responsible for the accuracy and currency of the information it contains. • Then it goes on to be aware of changes..... Cert IV - M. S. Martin January 2012

Oft legislative documents • Legislation administered by Fair Trading • Associations Incorporation Act 2009Associations Incorporation Regulation 2010Business Names Act 2002Business Names Regulation 2004Community Land Management Act 1989Community Land Management Regulation 2007Consumer Claims Act 1998Consumer Claims Regulation 2007Consumer, Trader and Tenancy Tribunal Act 2001Consumer, Trader and Tenancy Tribunal Regulation 2009Contracts Review Act 1980Conveyancers Licensing Act 2003Conveyancers Licensing Regulation 2006Co-operatives Act 1992Co-operatives Regulation 2005Credit (Commonwealth Powers) Act 2010Electricity (Consumer Safety) Act 2004Electricity (Consumer Safety) Regulation 2006Fair Trading Act 1987Fair Trading Regulation 2007 • And the list goes on...... As an exercise, have a Cert IV - M. S. Martin January 2012

Take Home Assessment One • We’ll begin this exercise now, • You will complete it at home and hand in on the 16th March 2012 Cert IV - M. S. Martin January 2012

Report – item 1 • The specification stated “Terra Cotta” roof tiles with sarking but the builder has used concrete tiles with no sarking underneath the tiles Cert IV - M. S. Martin January 2012

To Find An Act or Regulation • To find a specific act or regulation go to http://www.austlii.com/ Cert IV - M. S. Martin January 2012

What is out of view: HOME BUILDING ACT 1989 PART 2 - REGULATION OF RESIDENTIAL BUILDING WORK AND SPECIALIST WORK Division 2 - Restrictions on who may do certain work 2C.......... Cert IV - M. S. Martin January 2012

Report – item 2 • Some of the doors on the house are severely damaged and appear “old” and in your opinion are second hand, having been reclaimed from a previous project. Cert IV - M. S. Martin January 2012

Lesson 3 - Small Business Finance Cert IV - M. S. Martin January 2012

Single & Double Entry Bookkeeping • Single: similar to a checking (cheque) account register but allocates the income and expenses to various income and expense accounts. Separate account records are maintained for petty cash, accounts payable and receivable, and other relevant transactions such as inventory and travel expenses. Cert IV - M. S. Martin January 2012

Single & Double Entry Bookkeeping • Double Entry: A business transaction and record involving an exchange between two accounts. In a double entry system, two entries are made for each transaction, one entry as a debt in one account and one entry as a credit in another account. This ‘double entry’ creates a balance in the system. • View the handout for a full breakup • Then we’ll view the excel spreadsheet Cert IV - M. S. Martin January 2012

References • Competency reference text for ‘Apply Legal Requirements & Manage Small Business Finances’ • Web sites as listed below: • http://en.wikipedia.org/wiki/Bookkeeping • http://www.quickmba.com/accounting/fin/single-entry/ Cert IV - M. S. Martin January 2012

Apply Legal Requirements & Manage Small Business Finances