To conclude our blog series into the recent amendments made to the QBCC Act, we will discuss the increased penalties, fair commercial conduct and rectification changes.
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 has introduced new reforms to improve security of payment in the building and construction industry.
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