Queensland has new laws that aims for a stronger, fairer construction industry.
The aim of these laws is to ensure everyone in the industry is paid in full and on time for the work they do. The new laws are being introduced in stages, with the next stage requiring annual reporting of financial information.
Annual reporting requirements have been introduced to ensure every building contractor in Queensland has a strong, financially sustainable business with an appropriate level of working capital.
These new laws require contractor-grade QBCC licensees to provide annual financial information by 31 December 2019.
Licensees with a QBCC-approved turnover of less than $30 million still need to lodge their information by 31 December 2019, but will have at least a year to strengthen the financial health of their business in line with the new laws.
If licensees believe they will have difficulty in meeting the reporting deadline, they can contact the QBCC to discuss their individual circumstances.
If natural disaster, including drought, has had an impact on a licensee, the QBCC will support them to meet their annual reporting obligations.
Licensees can submit now at my.qbcc.qld.gov.au.
For more information download the Guide to Annual Financial Reporting or visit the QBCC Annual Reporting website.