Audit News

Queensland Building & Construction Commission (QBCC)

Minimum Financial Requirements – effective 1 October 2014

 

 Update - 8 March 2016

 

It is now almost eighteen months since the new legislation was introduced and the major effect of that legislation is that Licensees no longer need to submit a Minimum Financial Requirements Report (MFRR) with their renewal application.

On the other hand, this means that the QBCC has freed up a lot of resources and these resources are being utilised to monitor licence infringements. The monitoring system is concentrated in the following areas:

-     Acting on reports of actions taken by contractors and other creditors

-     Acting on reports of actions taken by the Australian Taxation Office

-     Acting on complaints from contractors and consumers

-     Audits undertaken by the QBCC on a random basis

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