THOUSANDS OF BUILDERS FACE THE RISK OF LOSING LICENCES AS QBCC DEADLINE LOOMS
22nd September 2020
"As these new reporting requirements have only been in place for the past 18-months, builders and contractors may not be fully aware of what they need to provide to QBCC."
AUTHOR: Amanda Molino
As the Queensland Building Construction Commission (QBCC) deadline of the new Financial reporting requirements deadline approaches again, many local trades could face losing their licence if they fail to lodge in time.
There are over 15,000 building companies across Queensland who are yet to lodge their annual reporting requirements within the Self-Certifying One and Self-Certifying Two categories. The QBCC has remained firm on upholding the reporting requirements despite the COVID pandemic so it's important that business owners continue to abide by the current reporting rules.
As these new reporting requirements have only been in place for the past 18-months, builders and contractors may not be fully aware of what they need to provide to QBCC.
My advice is to know your numbers, get a feel for your likely turnover and your net tangible assets position. Particularly, with the last two years we have had in North Queensland new businesses have emerged, existing businesses have restructured and likely increase in revenue impact directly on your reporting requirements.
This year there’s also factors like JobKeeper to consider and any government grants the business may have received. If these have impacted maximum revenue by more than 10%, then there’s additional reporting measures again, which are lengthier and require more information.
With many North Queensland building companies reporting that they are extremely busy at the moment, owners need to make sure they take the time to abide by the regulatory requirements.
All indications show that the end of this calendar year for the building and construction industry is shaping up to be busier than normal due to an increase in sales of land and home packages during the COVID pandemic.
The penalties that the QBCC can impose include changing licensing conditions and restricting what a business can or can’t take on in regard to contracts. The worst case is they can revoke the license so our advice to builders’ is don’t ignore this and get prepared now.
If you’re concerned about what’s required of you or want general advice on the lodgement process, come and chat to myself or one of the team at PVW Partners.