Section 23 of the Principal Act is repealed and the following section is substituted:

23.     Estimated value of building or construction work

(1)  In this section –

required component means any fixtures, fittings, accessories, components, plant or equipment, other than –

(a) plant or equipment installed solely for the purposes of a process that forms part of building or construction work; and

(b) plant or equipment that is not installed as an integral part of a structure or building; and

(c) fixtures, fittings, accessories, components, plant or equipment prescribed as being excluded.

(2)  The estimated value of building or construction work is –

(a) the contract price of the building or construction work, being a price that includes a value for each of the following components:

(i) the labour, necessary services and fees, including professional fees, payable in respect of the building or construction work;

(ii) the building or construction materials;

(iii) required components that are installed as part of, or in association with, the building or construction work;

(iv) a profit margin that is not greater than that approved by the permit authority as reasonable;

(v) any overheads;

(vi) any other prescribed component; or

(b) if there is no contract or the contract price does not cover the above components, the value of the building or construction work as determined by the permit authority after taking into account the value of those components; or

(c) the value agreed by the Board and the project owner.

(3)  A person may apply to the Board to have the estimated value of building or construction work set under subsection (2) reviewed.

(4)  The Board must review the estimated value of building or construction work on receipt of an application under subsection (3) within 30 days after receiving the application.

(5)  On a review of an application, the Board may –

(a) confirm the estimated value of building or construction work set under this section; or

(b) vary the estimated value of building or construction work set under this section.

(6)  The Board must notify its decision to the applicant within 7 days after reviewing the application under subsection (5) .