Workshop to focus on building standards crackdown
BUSINESSES in Townsville are being offered a free workshop about more stringent reporting standards under new Queensland Building and Construction Commission licensing rules.
PVW Partners manager Amanda Molino said the new laws would come into effect in the wake of several high-profile business collapses and insolvencies across Queensland.
“Licensees will be impacted in different ways, depending on the category of licence they hold and their revenue, however, all licensees will be required to provide financial information to the QBCC each year,” Mrs Molino said.
“It’s vitally important business owners such as builders, carpenters, concreters, plumbers and electricians understand and comply with the new regulations or they risk action being taken by the QBCC, including a licence suspension or financial audit.
“There is a transition period to 31 December 2019, where QBCC licence holders are required to provide reports to the QBCC.
“Following 31 December, QBCC will then allocate and give licensees at least 40 days’ notice of their new annual reporting date.”
Mrs Molino said key considerations business owners should think about to ensure they accurately met the new regulations included:
• Streamlined accounting system able to complete a statement of cash flows/
• Accurate and up to date financial statements.
• Year-end adjustments. • Changes in category/net tangible assets to meet turnover requirements.
• Trust and company financial statement for those businesses run through a trust with a corporate trustee.
Mrs Molino will host a free workshop outlining the changes and new requirements on September 18.
Registrations can be made at events@pvwpartners.com.
More information on the various category regulations can be found at www.qbcc.qld.gov.au.