Are Your QBCC Registered Clients Breaching the Reporting Requirements?
It’s important for accountants and business advisors to be up to date on reporting requirements for their clients operating in the building and construction industry in Queensland.
In Queensland, minimum financial requirements were updated on 1 October 2014, prior to this businesses with income above the self-certification limit where required to have their financial statements independently reviewed at licence renewal time.
Under the new policy the self-cert turnover limit has doubled to $600,000 and the requirement to have financial data reviewed independently was removed, effectively allowing those in the industry to tick a box to confirm compliance with the minimum financial requirements.
Under the old regime we conducted annual reviews for a significant number of licensees, it is fair to say that for a good proportion of these clients the financial requirements for licensing were at best not at the forefront of their minds and in some cases not really understood.
The QBCC are willing to work with clients who have compliance issues but the best way to keep out of trouble and avoid the risk of clients losing their licence is to be aware of the requirements, outlined below is a brief summary:
ACNC Here To Stay
Recent news out of Canberra has indicated the ACNC has secured its future following the dropping of plans to scrap the commission. Minister for Social Services Scott Morrison has declared that plans from his predecessor former Social Services Minister Kevin Andrews to abolish the Australian Charities and Not-For-Profits Commission is not a priority in his new portfolio.