Are you in the Building or Construction Industry?
These are the proposed QBCC (Queensland Building Construction Commission) annual reporting changes.
From April 2019 medium to large licence holders & from Dec 2019 small licence holders
are going to have to deal with significantly more compliance reporting requirements to the QBCC than they have had to for a number of years.
What do you need to do today?
If you are a licensee within financial categories self-certifying 1 (SC1) to Category 3:
There is no immediate impact. You will need to submit your financial information to QBCC by 31 December 2019. QBCC will send you a reminder in early 2019 including guidance on what information is to be submitted.
You may be interested to know that these changes to the law will require the biggest builders in Queensland to provide detailed financial information to the QBCC before April 2019. These legal changes will assist the QBCC to determine whether a licensee is experiencing financial distress. This requirement to send information in early 2019 does NOT apply to you!
If you are a category 4 to 7 financial licensee:
Before April 2019 you will need to provide your financial statements for the last financial year to the QBCC, these will need to include profit and loss statement, balance sheet, debtors and creditors report and cash flow statements. If you are a licensee who already provides copies of your annual ASX or ASIC reports to the QBCC then you do not need to provide a separate report.
To make it easier for you to submit information, you will be able to upload your reports through the online my QBCC portal, which will be available from early 2019.
For further information from QBCC please click here.
If you would like any advice or have further questions please do not hesitate to contact us at SiDCOR.