Building Construction

If you are working in the construction industry in Queensland, we don’t need to tell you that things are getting tougher. Everywhere you look, there is more demand for new homes, apartments, industrial sheds or warehouse and infrastructure projects, but getting them built is another story.

Queensland Building and Construction Commission (QBCC) requires licence holders to submit annual financial reporting, determined by their licence type and approved maximum revenue to demonstrate ongoing financial sustainability. The reporting obligations arise under the Minimum Financial Requirements Regulation (MRF Regulation).

Are you aware of the ATO Reporting Requirement due 28 August each year?

For operators within the Building & Construction industry, adhering to regulatory compliance and financial reporting is crucial for meeting the requirements set by the Queensland Building and Construction Commission (QBCC). This ensures the ongoing validity of the QBCC licence and the ability for businesses to complete existing work and undertake new projects.

The Federal and State based laws can often be complicated especially for independent and small construction companies. It’s important to be aware of your obligations so you can avoid any mistakes that might lead to serious compliance issues. Some of the issues include managing subcontractor payments, payroll tax, and handling GST.

For operators within the Building & Construction industry, maintaining regulatory compliance and financial reporting is essential in complying with obligations set by the Queensland Building & Construction Commission, ensuring continuation of QBCC license and the ability to complete and undertake new projects & work.

As we approach the End of the Financial Year, it is important for operators within the Building & Construction industry to continue with regulatory compliance and financial reporting set by the Queensland Building & Construction Commission.