Queensland Building and Construction Commission (QBCC) Commissioner Anissa Levy, says the regulator will facilitate a webinar tomorrow, Wednesday 23 November to bust some common myths about the financial reporting process.
“This session will remove any doubt to help clarify the misunderstandings about the Minimum Financial Requirements [MFR] reporting obligations which apply to the majority of people working in Queensland’s building and construction industry,” Ms Levy says.
“For example, some licensees believe an accountant is required to complete a MFR report when they lodge their annual reporting submission.
“Or if they hold a licence in an exempt class such as building design, hydraulic services or site classifier, that they’re automatically exempt from financial reporting.
“Whilst another mistaken belief among some licensees is that maximum revenue set by the QBCC only relates to building-related work, and income only derived in Queensland.
“As the experts and the single point of truth this one-off webinar will also explain the difference between when to provide annual reporting and minimum financial reporting and explain that the information provided for annual reporting purposes does not affect a licensee’s set maximum revenue amounts.”
Ms Levy says QBCC staff will be answering any questions submitted by viewers about the legislation and what it means for the industry and its participants.
“The session on MFR is a timely one, given that everyone with a QBCC contractor licence is required to provide annual financial information to the QBCC.
“If you are unsure about these laws and the financial information you need to provide, I encourage you to join this session.
“We are setting the record straight and busting these myths about the very serious subject of financial reporting obligations.”
The deadline for reporting by Categories 1-7 is 31 December 2022.
More information, including how to register for the webinar, is available here ‘Education & Engagement’ on the QBCC website.