With the new Minimum Financial Requirements (MFR) laws that came into effect earlier in the year we saw some significant changes in the building and construction industry, namely the introduction of mandatory Annual Reporting to the QBCC.
One of the other major changes was to Self-Certifying Licences falling under Category SC2 whose revenue threshold raised from $600,000 to $800,000. The Net Tangible Assets values for this category have also increased and it is now a requirement for Licensees to hold at least $46,000 in assets (previously $36,000). There are strict guidelines to what is deemed an ‘asset’ and cannot include items such as boats, investments/shares not held in a publicly listed company, collectors items and furniture.
For those licenced under the QBCC SC2 category it is important that they are reviewing their net asset position to ensure they have the increased level of net tangible assets now. With this in mind, we strongly recommend that licensees make an appointment to see one of our QBCC Specialists prior to 30 June to review Financial information and ensure Minimum Financial Requirements are being met.