Industry Today

Message from the Services Trades Council Chair - Penny Cornah

As we head towards a magical time of the year it is an opportunity to acknowledge the hard work and contributions we have all achieved for 2021.

Again, this year was not without its challenges. With COVID still lingering we should pause and reflect on the important wins we have achieved, look back on the year that was, and prepare for the New Year.

COVID has definitely taught us a lesson in flexibility, businesses have become resilient in the face of adversity adapting to changes in requirements and how they interact with clients, in a forever changing environment.

Removal of SPFR

From 1 July 2021, the Australian Accounting Standards Board (AASB) removed the ability to prepare Special Purpose Financial Reports (SPFR’s) for certain entities preparing financial statements in accordance with the Corporations Act 2001, other legislation, their constituting documents or other agreements.

QBCC’s MFR Regulation includes a transitional provision which permits a 12 month “grace” period on financials when a change to accounting standards has occurred (or a new standard is released, such as AASB 16).  

MFR myths, busted

Myth 1: MFR reports are mandatory for annual reporting

We hear this one a lot. This is not true.

For most licensees annual reporting information does not need to have any accounting standards applied, does not need to be prepared by an accountant and can be based on a licensee’s most recent reporting/financial year information (i.e. 30 June).

An MFR report is only required in the following circumstances:

New trust accounts are here  

A new trust account framework began on 1 March 2021 and, when fully rolled out by 1 January 2023, will apply to most payments made within Queensland’s building industry. 

From 1 January 2022, trust accounts will apply to private sector projects, and certain developers may also need to hold cash retentions in a trust account.  

Thanks for participating in our on-site sewerage consultation survey

The Service Trades Council thanks all those who took the time to respond to the on-site sewerage consultation paper. We received more than 450 responses from licensees, industry participants and organisations.

We intend to share the results of the consultation with industry in the coming months and are excited to review the comments participants have shared. Your feedback is an invaluable tool for change.

What’s next?

The Service Trades Council will begin compiling the results and prepare a paper. We will keep you updated in the next edition of Pipeline.

May regulatory statistics

Each month the QBCC takes regulatory action against persons who breach the QBCC Act.

The image shows the actions taken during May 2021. Monthly regulatory statistics posted on social media outlets publicise the QBCCs work against unlawful and unscrupulous licensees undertaking the industry.

Our commitment to reconciliation

The QBCC is committed to increasing staff awareness and respect for Aboriginal and Torres Strait Islander peoples and cultures.

Our Reconciliation Action Plan strengthens our commitment to diversity and inclusion and deepens our understanding, respect, and support for Aboriginal and Torres Strait Islander communities across Australia.

This is the first Reconciliation Action Plan for the QBCC and represents the first steps in our journey as an organisation towards reconciliation. As part of the plan, we have: