At a recent meeting of building industry stakeholders, the Queensland Building and Construction Commission (QBCC) warned that a large number of Licence Contractors have failed to comply with their Annual Financial Reporting obligations.
If that’s you, there’s still time to avoid penalty—but you better be quick.
Why is it important?
Due by 31 December 2019, the new reporting obligations aim to ensure every building contractor who operates in Queensland has a strong business with a sufficient level of working capital.
And that’s important because it will help ensure all businesses who have competed building work get paid in full and on time.
What does this mean for you?
If you have a QBCC issued contractor-grade licence, it means you satisfied the QBCC that you had the required working capital. However, the new laws mean you must provide an annual financial report to maintain your licence.
Submitting your annual financial information to the QBCC does not require a special visit to your accountant. And you may already have the information prepared as part of your usual business practices.
Simply go to the myQBCC portal and select your licence category to see the list of information you need to provide.
Reporting was due by 31 December 2019; however, if you’ve missed the deadline, there’s still time to submit your annual financial information. But be quick to avoid penalty.
For more information download the Guide to Annual Financial Reporting or visit the QBCC Annual Reporting website.