QBCC Introduces New Minimum Financial Requirements for the Building Industry
Category : Practice Updates
From 1 October 2014 the Queensland Building and Construction Commission (QBCC) will introduce a new financial policy.
The changes aim to significantly reduce the financial burden and cost of maintaining your licence by removing the need for you to provide financial information at renewal time.
There will be one set of rules for all licensees with one report type for all categories. A financial report will only be required when first applying for a licence, or to upgrade a turnover limit.
Additionally, for the first time since 2006, the limits for self-certification categories have increased. Turnover limits have doubled to $200,000 (trade contractors only) and $600,000 (entry level for builders).
For more information please refer to the following links:
If you would like further assistance regarding your licence requirements and how these changes affect you, please contact our office.