Queensland Building and Construction Commission (Minimum Financial Requirements) Regulation 2018 (Qld)

Queensland Building and Construction Commission (Minimum Financial Requirements) Regulation 2018

Part 1 Preliminary

1 Short title This regulation may be cited as the Queensland Building and Construction Commission (Minimum Financial Requirements) Regulation 2018.

2 Commencement This regulation commences on 1 January 2019.

3 Main purpose The main purpose of this regulation is to prescribe, for section 116(2)(ab) and schedule 2 of the Act, definition minimum financial requirements, the minimum financial requirements for— (a) an applicant for a contractor's licence; and (b) a licensee who holds a contractor's licence. Notes— 1 An applicant for a contractor's licence must satisfy the minimum financial requirements for the grant or renewal of a licence. See section 31 of the Act. 2 A contractor's licence is, under section 35(5) of the Act, subject to conditions about satisfaction of the minimum financial requirements. 3 The commission may take action under section 50C of the Act in relation to a licensee's satisfaction of the minimum financial requirements.

4 Definitions The dictionary in schedule 3 defines particular words used in this regulation.

4A Reference to licensee includes reference to applicant In this regulation, if the context permits, a reference to a licensee includes a reference to an applicant for a contractor's licence.

4B Meaning of prescribed accounting standard (1) A prescribed accounting standard means any of 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. (2) Also, if a document mentioned in subsection (1) is amended or replaced, a prescribed accounting standard includes the document as in force immediately before it was amended or replaced. (3) However, subsection (2) applies in relation to a document only for a period of 12 months starting on the day the amendment or replacement takes effect.