When to report your financial information
Licensees will be required to report their financial information or continued compliance with the Queensland Building and Construction Commission (Minimum Financial Requirements) Regulation 2018 at certain times including:
- on application for a licence;
- where the maximum revenue (MR) requires adjustment for categories 1-7. Licensees within SC1 and SC2 will be required to provide the self declaration form; as outlined on Financial reporting requirements for Self-certifying Category 1 and 2;
- where the net tangible asset position has decreased by more than:
- 30% for licensees within categories SC1, SC2 and categories 1-3
- 20% for licensees within categories 4-7.
- pursuant to an approved audit program;
- on expiry of the licensee’s professional indemnity insurance policy;
- on request by the licensee;
- significant change to the structure of the business (eg change of ownership or executive officers)
- restructure of partnership;
- change or withdrawal of covenantors; or
- when requested by the QBCC.