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:
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
16 Jul 2018 – Issue PAYG withholding payment summaries to employees
From 1 July 2018 a new "GST withholding" regime commences whereby buyers of new residential premises or potential residential land will be required to withhold and remit GST portion of the sale price directly to the ATO.