23
JanRemoval of Special Purpose Financial Statements (SPFS)
The Australian Accounting Standards Board (AASB), have announced new standards which change the way certain for-profit entities must conduct their reporting. The changes mean that for these affected entities, the previous minimum reporting requirements, being Special Purpose Financial Statements (SPFS), are replaced with General Purpose Financial Statements (GPFS) resulting in […]
28
OctChristmas Shutdown 2022
The Christmas and New Year’s holidays are fast approaching. Unfortunately, contractual deadlines that fall on or around this time are often missed, which can result in a significant financial burden. Below we explain how construction industry legislation in Queensland deals with the Christmas and New Year’s holiday shutdown period (Christmas[…]
10
FebTop 10 Tips for contractors to ensure they comply with MFR’s
In Queensland, building contractors are required to comply with the Minimum Financial Requirements (MFRs), which are regulated by the QBCC. This week, Kirsty Stewart shares her top tips for contractors to ensure they comply with the MFRs and maintain a financially sustainable business: It is a condition of a building[…]
29
AprSupply and Demand: Understanding your position when faced with delays in residential builds
The impact of COVID-19 is continuing to be felt by the construction industry with shortages in materials and skilled labour causing major disruption. The residential construction sector has been particularly hard-hit by these shortages, with some builders estimating wait periods of up to four (4) months for materials and labour[…]
18
DecForecast for 2021 – QBCC penalties for non-payment
Under section 157 of the Building Industry Fairness (Security of Payment) Act 2017 (BIF Act) the QBCC Commissioner must review and report on the operation of Chapter 3 of the BIF Act. These reporting obligations include investigations undertaken and penalty notices issued by the QBCC under: section 76 of the[…]
08
DecSuccessful External Review Application by Contractor – QBCC Direction to Rectify set aside by QCAT
In the Queensland Civil and Administrative Tribunal (Tribunal) decision of JPD Concreting Specialists Pty Ltd v Queensland v Building and Construction Commission [2020] QCAT 453, the Tribunal set aside the Queensland Building and Construction Commission’s (Commission) internal review decision to issue a Direction to Rectify (DTR) because the Tribunal: was[…]
