The annual reporting requirements, administered by QBCC, are an important measure to help protect consumers from financially unhealthy construction companies.
Licensees must have sufficient assets and the financial means to complete the work for the homeowners or builders they’re contracted to licensees who do not submit their reports to the QBCC face potential regulatory action, such as no-new-work conditions, licence suspensions, and licence cancellations.
QBCC Commissioner Anissa Levy says the licensees were in category SC1, with an annual allowable turnover of up to $200,000.
“The licensees were reminded several times to lodge their reports but failed to submit the required information which was due on 31 March 2022,” Ms Levy says.
“If they still fail to lodge their financial reports, their licences are scheduled to be cancelled on or around 19 September 2022.
Ms Levy says the majority of licensees had lodged their reports.
Background
Annual financial reporting is required under the Minimum Financial Requirements (MFR) Regulation 2018.