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In QBCC, industry update, business advice, Business, Blog

2 Steps that can ensure that your Trade business is compliant to QBCC laws

At Tradies Accountant we have been providing additional services to clients such as upgrading their licence category and helping resolve QBCC audits. We have found that some of the business owners are unaware of their requirements regarding holding a QBCC licence. As a trade business owner and a licence holder, you need to make sure you are compliant with all QBCC licence requirements. Explained below are the two main requirements imposed by QBCC:

In Compliance, industry update, business advice, preparation, Value add, QBCC

PROJECT BANK ACCOUNTS - UPDATE

Following on from last month’s newsletter article in relation to the QBCC’s new legislation on Security of Payment, this month we will look in depth at Project Bank Accounts (PBAs). A PBA is a set of three trust accounts where funds are held in trust for head contractors and subcontractors until payments are due, as part of a building project.

Phase One of PBAs began from 1 March 2018 on State Government funded projects valued between $1 million and $10 million (including GST). Following successful implementation, PBAs will be required on all building projects with a contract value of more than $1 million (including GST) in 2019. PBAs will not apply to engineering and infrastructure projects including bridges, roads and ports, unless ‘building work’

In industry update, Business

Are you eligible for government grants?

The government is currently offering grants to help small businesses owners grow their business. These grants can be used to help fund the development and growth of your business. The funding just requires an application to the relevant body once you are satisfied you meet the criteria. There are different grants available for specific purposes. The most relevant ones for Trade businesses owners are highlighted below.

In industry update, Business, New Legislation, business growth strategies

New Legislation for Security of Payment

The Queensland Government has introduced new reforms to improve security of payment in the building and construction industry.

In industry update, Business, QBCC, New Legislation

Project Bank Accounts

The Queensland Government is implementing project bank accounts from the 1st of March 2018 for certain building and construction projects valued between $1 million and $10 million. This new incentive will also begin in 2019, to private sector projects that are over $1 million.

Project bank accounts, will involve the following 3 parties:

-Principal - who the building work is being carried out for under the contract 

-Head Contractor - who is carrying out the building work under the contract

-Subcontractor - first-tier subcontractors who have been subcontracted by the Head Contractor to carry out the work under the contract

In QBCC, industry update, Compliance, New Legislation