Queensland Subordinate Legislation as Made

QUEENSLAND BUILDING AND CONSTRUCTION COMMISSION (MINIMUM FINANCIAL REQUIREMENTS) AND OTHER LEGISLATION AMENDMENT REGULATION 2019 - REG 29

29 Amendment of sch 3 (Dictionary)

(1) Schedule 3 , as renumbered, definition
"continued MFR policy" —
omit.

(2) Schedule 3 , as renumbered—
insert—

"actual revenue" , for a licensee for a reporting year, means all the revenue the licensee receives during the reporting year, regardless of when the revenue became due and payable, worked out under sections 11O, 11P and 11Q.

"applicant" means an applicant for a contractor’s licence.

"building contract" includes a building contract or construction contract under the Building Industry Fairness (Security of Payment) Act 2017 , section 8 or 64.

"calculated maximum revenue" see section 11J(1)(a).

"category" , for a licensee, means the category for the licensee as worked out under section 11H.

"construction work" see the Building Industry Fairness (Security of Payment) Act 2017 , section 65.

"corporate group" means all corporations that are a party to the same deed of cross guarantee.

"current asset" see section 17H(3) and (4).

"current liability" see section 17H(5).

"current ratio" , for a licensee, see section 17H.

"deed of covenant asset" , of a licensee or other entity, means an asset the subject of a deed of covenant and assurance given in favour of the licensee or entity.

"deed of cross guarantee" has the meaning given under the order called ‘ASIC corporations (wholly-owned companies) instrument 2016/785’ made under the Corporations Act, section 341(1).

Editor's note—

The order called ‘ASIC corporations (wholly-owned companies) instrument 2016/785’ can be found on the federal register of legislation website at www.legislation.gov.au.

"financial information" , for a licensee, see section 9.

"group company" means a corporation that—

(a) is a party to a deed of cross guarantee; and

(b) elects to comply with this regulation as a member of a corporate group to which the order called ‘ASIC corporations (wholly-owned companies) instrument 2016/785’ made under the Corporations Act, section 341(1) applies.

"internal management accounts" , of a licensee, means a report about the licensee’s financial position and performance, including the following prepared under the prescribed accounting standards—

(a) a profit and loss statement;

(b) a balance sheet;

(c) an aged debtors and creditors report that includes the date each invoice is due to be paid or received;

(d) a statement of cashflows.

"licensee" means the holder of a contractor’s licence.

"maximum revenue" , for a licensee for a reporting year, see section 11J.

"MFR report" , for a licensee, means a report about the licensee’s financial position that—

(a) is in the approved form and signed by a qualified accountant; and

(b) complies with part 3, division 4; and

(c) includes signed financial statements for the licensee; and

(d) relates to—

(i) if the report is given to the commission within 4 months after the end of a reporting year—the reporting year; or

(ii) otherwise—the reporting year in which the report is prepared, for the part of the year that has expired no more than 30 days before the report is given to the commission.

"prescribed accounting standards" means the following documents published by the Australian Accounting Standards Board—

(a) Australian Accounting Standards;

(b) Statements of Accounting Concepts;

(c) Interpretations;

(d) Framework for the Preparation and Presentation of Financial Statements.

"project bank account" , for a building contract, see the Building Industry Fairness (Security of Payment) Act 2017 , section 9(1).

"qualified accountant" , for a licensee, see section 11D.

"signed financial statements" , for a licensee, means all of the following—

(a) financial statements prepared under the prescribed accounting standards, including—

(i) a profit and loss statement; and

(ii) a balance sheet; and

(iii) an aged debtors and creditors report that includes the date each invoice is due to be paid or received; and

(iv) a statement of cashflows;

(b) notes to the financial statements mentioned in paragraph (a) required under the prescribed accounting standards;

(c) a declaration signed by the licensee, or an executive officer of the licensee, verifying the information contained in the documents mentioned in paragraphs (a) and (b);

(d) a description of—

(i) the measurement, within the meaning of the prescribed accounting standards, on which the financial statements mentioned in paragraph (a) are based; and

(ii) the accounting policies or reports relevant to the financial statements;

(e) for a category 4, 5, 6 or 7 licensee—details of each debtor for the licensee, categorised according to whether the amounts owing became due and payable in the following periods—

(i) less than 90 days before the day the statements are made;

(ii) 90 to 179 days before the day the statements are made;

(iii) 180 to 365 days before the day the statements are made;

(iv) more than 365 days before the day the statements are made.