WHAT IS QBCC ANNUAL REPORTING?
Queensland has introduced new laws to assist in building a stronger and fairer construction industry. The introduction of annual financial reports is to evaluate the financial strength of contractor grade licenses in Queensland. Thus, the annual report is a quick health check of your license to ensure every building contractor who operates in Queensland has a strong business with a sufficient level of working capital.
WHEN WAS IT DUE?
The QBCC annual financial report was due by the 31st December 2020. If you have missed the deadline you must still provide details of your annual summary as soon as possible. This can be completed online via the myQBCC portal. We have included a link for you below.
WHO DOES NOT HAVE TO MEET THE ANNUAL REPORTING REQUIREMENTS?
Those who do not need to meet any of the Minimum Financial Requirements (MFR) obligations are nominee supervisors, site supervisors or occupational licensees and are not required to submit an annual financial report.
Likewise, licensees and applicants in the following classes with valid professional indemnity insurance may not have to meet the MFR in certain circumstances unless they hold a licence in another class. See the licence classes below:
- Builder Project Management Services
- Building Design – Low Rise
- Building Design – Medium Rise
- Building Design – Open
- Hydraulic Services Design (excluding on-site domestic waste management)
- Site Classifier
- Site Classifier (excluding on-site domestic waste management)
WHAT HAPPENS IF I DON’T SUBMIT MY ANNUAL REPORT?
If you neglect to submit your annual financial report, QBCC can take regulatory action such as a licence condition of no new work until the licensee complies with the annual reporting requirement.
WHAT IF I HAVE NO INCOME OR NOT CURRENTLY TRADING?
If you are not currently using your license you will still be required to provide your financial information to QBCC annually. You can report that your turnover is $0, but you still need to hold the required Net Tangible Assets to support your licence category.
If you need more information on Annual Reporting, please find the QBCC’s Guide to Annual Financial Reporting here.
Or if you require further support or guidance, please contact us by phoning 07 4638 5300 or clicking here.