Requirements of Workplace Safety - Assignment Example

Workplace Safety Q9.Why is it important to keep records of manufacturers' and suppliers' information including dangerous goods storage lists? These records are necessary to protect the company, the employer and even workers in an event of a workplace accident because without accurate records it would not be possible to prove that all required OHS regulations, policies and procedures have been followed. The records are also necessary to ensure that the necessary precautions are always followed when handling the goods. Q10. Why is it important to records of the Material Safety Data Sheet readily available in a workplace? To ensure that everyone in the organization can easily access the information and familiarize themselves with the information and also become aware of what is required of them when handling the materials Q11. What is a hazardous substances register? It is a document that provides information and instructions to employees regarding how to safely manage and prevent themselves from the risk of exposing themselves to harmful substances within the workplace Q12. Why is it necessary to keep plant and equipment maintenance and testing reports? In order to ensure that the records are available to show when the machinery and equipment were tested and examined. In additional, the records help ensuring that there is proper maintenance of machinery which can prevent hazardous, injuries and fatalities that can arise from faulty machineries. Human Resource Management Q13. Why is it necessary for organizations to provide information and training including training in safe operating procedures, procedures for workplace hazards, hazard identification, risk assessment and risk control, and emergency and evacuation procedures? Because this information helps in identification and assessment of the potential risks and thus it helps in taking actions to protect against the risks and also in mitigating the risks. In addition, this information helps the responsible individuals as well as employees to know the necessary actions to take in case of an accident. Q14. Write a procedure to terminate staff in accordance with legal and organisational requirements where serious misconduct occurs? 1. The management should investigate the alleged misconduct widely and this should include enquiries from witnesses if any 2. The management should request the employee to respond to the allegations and allow them to have a hearing while taking notes. During the employee representation, the management should have a witness present. 3. The management should give candid consideration to the worker’s responses as well as the circumstances 4. If still appropriate, after conducting a comprehensive investigation, the management can terminate the worker 5. The management ought to keep a file of all proof gathered and actions that were taken in these circumstances 6. The organization will then send a termination letter to the employee noting brief detail of reasons behind the termination Q16B. What are the taxation requirements for each of the following: 1. Sole trader: A sole trader is required to used her/his personal Tax File Number when lodging the income tax return; register for GST of the business is an enterprise and the yearly GST turnover is or above $ 75,000; pay tax equivalent to income tax rates for individual taxpayers; pay quarterly PAYG installments and claim deductions for any individual super contributions made after fund’s notification. 2. Partnership: Partnership owns Tax File Number; the partnership should lodge an yearly partnership return indicating all business income and deductions; Every partner pays tax on the profit they get and hence the partnership never pays income tax on the earned profit; The partnership should own an ABN and should register with GST when yearly turnover is or above $75,000. 3. Join venture: Each partner in a joint venture is expected to separately pay tax basing on the income and claim percentage share 4. Company: Companies pay a company tax rate of 30 percent via the dividend imputation system 5. Trusts: Trustee lodge tax returns for the trusts and trust beneficiaries declare the trust’s income in their own tax returns and pay tax on it. Business Structures Q17. List 4 main legal structures a business can be set up as Sole trader Partnership Trust Company Q18. List 5 keys considerations when deciding on the structure of a business? 1. The complexity of forming the business and the complexity of conforming to the relevant laws and regulations. For example, a sole proprietorship can be established without formal documentations and it is very easy to form 2. The number of business owners and their involvement level 3. Liability 4. Tax considerations 5. Business management preferences Q19. List 2 advantages and 2 disadvantages of each legal business structure Sole proprietor Advantages Easy to start The owner has total control of the business and keeps all profits Disadvantages The owner has unlimited liability because there is no legal separation between business and private assess such as home The business’ life is limited Partnership Advantages Easy to start Shared responsibilities Disadvantages Unlimited personal liability because partners are personally responsible for business debt Every partner is jointly and severally liable for debt of other partners Trust Advantages There can be limited liability if after appointment of a corporate trustee Taxation of income in a trust is done as individual’s income Disadvantages Trust is a complex business structure It is costly to set up and maintain Company Advantages Limited liabilities for partners A company can trade anywhere within Australia Disadvantages There is no privacy because financial activities are public Can be costly to set up, maintain and wind up Q20. Explain what each of the following key methods of protecting a product or idea Copyright: It is the is the ownership of an intellectual property and a legal method that gives the creator of the work such as artistic or musical work the right to publish and sell the work. Violating the copyright is known as infringement Design: This is a patent on ornamental or artistic features of a device Trademark: This is any word, name, symbol or design that is utilized in business in identifying and differentiating goods of one manufacturer or seller from goods of another and also to show the source of goods. Patent: This is a right given to a person or a group such as a company and gives them the permission to prevent other from creating, utilizing, or selling the invention stipulated in the patent. Q21. Insurance is a way a company protects its assets, resources and workers against risks. Explain why an organization would insure against the following risks? i. Property insurance: Organization take property insurance to ensure longevity and success of the business because when company properties and equipment are destroyed the organization does not have to incur the cost of replacing the properties and also no business income is lost due to unavailability of the property. ii. Liability insurance: This insurance protects business against lawsuits from customers or uncertainties that comes with operating the business iii. Workers compensation insurance: The insurance is important because in case of an emergency in an organization injured employee necessitating medical care can get it, organization is able to compensate workers who lost income during an incident and also employers are protected from lawsuits that employees may file in case of injuries while working. iv. Loss of gross profit insurance: The losses that an organization experiences when not being able to function normally are compensated v. Disability insurance: When organizational employees suffer non-work related injuries, disability insurance assists in covering daily living expenditures and also provides resources to recover and return to work Q22. Bad Debts are when a customer refuses to for goods and services they receive. List 3 ways an organization can use to recover bad debts? Using solicitor a solicitor who will take a legal action Use a debt collection agency A letter of demand written requesting debt settlement Read More