If you’re a licencee in the building and construction industry, it has become critical to partner with a QBCC specialist accountant. Our team of expert QBCC specialists understand how essential your license is to your business and company cash-flow.
We eliminate all the hard jargon and help you comprehend plus comply with the QBCC Financial reporting parameters to give you ample time to focus on the day-to-day matters that grow your business.
But first, let’s make sure you know what all this is about.
This is a license held by individuals and businesses in Queensland to execute any building work valued above $3300.
This also includes:
- Building work priced around $1100 that implicates Hydraulic Services Design
- Any value building work that involves:
- Fire protection
- Site classification
- Chemical Termite Management
- Plumbing & Drainage
- Building design – low rise, medium-rise & open
- Gas fitting
- Completed residential building inspection
Please keep in mind that the cost of the building work is inclusive of material and labor costs. This does not consider the supplier of the materials.
Below are the license categories along with requirements:
Your MR can be calculated by combining the net tangible assets (NTA) stated in your financial declaration. The calculation isn’t factored in to the SC1 and SC2 in bringing out the maximum revenue.
To take a look at the license classes, refer here.
Quite importantly, the MFR Report stays the QBCC’s go-to report to be clearer about a licensee’s financial position against the mandated requirements.
Hinted on the 1st of January 2019, it was officially introduced on the 2nd of April 2019.
The requirements agreed on can be found in the table above.
A trust will not be able to obtain a QBCC license. The company trustee will have to apply for the license.
Employees don’t necessarily need a license until they become responsible for:
- Making sure that the work follows through with the settled plans and specifications
- Directing and administrating the building work being done.
- Screening the work for competency standards.
If the work involves gas fitting, fire control, plumbing, pest control, and drainage, you’ll still need a QBCC license no matter what the value of the work is.
If you’re an architect registered through the Board of Architects, you are not required to have a QBCC license to function. This means that you’ll be able to accept building design work and perform building inspections on here various kinds of buildings. In case you’re unsure about your registration, check here.
There are also specific situations in which you don’t need a QBCC license. These apply when you’re performing work as:
- An owner. If the property belongs to you and the work being done is valued under $11 000.
- An electrician, performing electrical work. Electricians are restricted from undertaking any building work without a QBCC license. More information on this can be found here.
- An employee of a licensee. This applies in situations where your employer already has the appropriate QBCC license to cover any work you’re doing. If it is building work, you will not be allowed to function as a site supervisor except if you hold the correct license.
- An asbestos removal worker. Find more information here.
- A handyman. The value of the work needs to remain under $3300. It shouldn’t be plumbing or electrical work as well since these require a separate functions license.
- An insulation installer. The installation of home insulation in Queensland does not demand a license.
- An architect. Contact the Board of Architects in Queensland for extra information.
- A demolition worker. Visit here for more information.
- A contractor working for a QBCC licensed trade contractor who can cover the work you’ll be doing.
For other situations that may not need a QBCC license, see Section 5 of the Queensland Building and Construction Regulation for 2003 and Section 42 for the year 1991, or you may simply contact the Tradies Accountant QBCC specialist accountant.
To avoid incorrect or unclear QBCC financial reports, it is imperative to seek the services of a QBCC specialist accountant.
Our team of expert accountants will review your financial accounts before you lodge them with QBCC.
If you’ve been dreading to open that box full of stacked receipts, you’ll be relieved to know that our QBCC specialist accountants can help you organise these. This will help to keep you compliant and meet all the requirements for a quick & stress-free licensing experience. At Tradies Accountant, we’re all about creating progressive and lasting relationships. If you come across QBCC problems in the future, we’ll be a call away from helping you to solve them.