ASSETS CLAMPDOWN

BUILDERS trying to pass off dirt bikes, jet skis or even racehorses as business assets are being denied by the State’s construction watchdog under new financial laws aimed at Queensland’s biggest builders.

Queensland Building and Construction Commission Brett Bassett said recent changes to security of payment laws meant personal recreational vehicles, and other personal items could not be used to meet minimum asset thresholds.

“For far too long, some licensees have bought assets like boats, jet skis and horses with money belonging to the company,” he said. “They’ve then used those items as assets to meet the previous law.

“Under the new laws, these toys can no longer be included in accounts to prop up the balance sheet as evidence that the licensee has sufficient assets to meet the law.”