If you’re involved in the building and construction industry in Queensland you’ll no doubt be familiar with the Queensland Building and Construction Commission (QBCC). Building contractors need a licence to operate and the QBCC is the industry’s regulating body.
The QBCC recently tightened up its reporting requirements and those in the industry need to be prepared when the new rules come into effect next year. The team at Bloom Accounting is across the details of what this will mean for businesses and contractors in the region.
Why the changes?
Five years ago the QBCC wound back its licensing requirements for building and construction licensees, but since then a number of high-profile insolvencies have occurred. As a result, the QBCC plans to better monitor the financial situation of licensees to prevent more operations failing.
New laws have been introduced which come with new reporting requirements, and changes to the Minimum Financial Requirements policy. These laws commence on January 1, 2020, however, the first lot of reporting under these changes will be due on December 31 this year.
The below table gives a summary of the changes to reporting requirements for different levels of licence holders:
*Table supplied by the Queensland Building and Construction Commission.
How Bloom can help
The QBCC indicates that for a number of licence categories, the required information can be prepared in-house, however, we strongly encourage clients to work with us on the information they submit to ensure it meets the new criteria.
Our experienced staff will assist with the information you provide to the QBCC, and will review your financial position to determine whether you’re in a position to satisfy the Minimum Financial Requirements for your licence category.
The first lot of reporting is due on December 31 and we recommend planning ahead. You can speak to us now about preparing your 2019 financial statements early to ensure you’re on track to meet your Minimum Financial Requirements as at 30/06/2019, if you’re looking to submit for this period.
If you have any questions about the new reporting requirements, contact our office and the accounting team will be happy to discuss the details with you and work out a strategy to ensure you’re prepared in advance. Phone 07 4953 5858, email email@example.com or visit www.bloomaccounting.com.au.