Minimum Financial Requirements Review
The Department of Housing and Public Works is currently reviewing the proposed improvements to the Minimum Financial Requirements (MFR) for licensing in the building and construction industry. The MFR proposals are designed to reduce the risk of company collapses and better equip the Queensland Building and Construction Commission (QBCC) to identify applicants and licensed contractors who may not be operating in a financially sustainable way, and to take early action.
MPAQ will be holding a meeting at our office to obtain feedback from members about the proposed changes. You are welcome to attend or dial in if you would like to provide feedback.
Date: Friday 5 October
Time: 11:00am - 12:00pm
Location: Plumbing Industry House, 11/243 Bradman Street, Acacia Ridge Qld 4110
Please click here to RSVP for the meeting (if you would like to dial in please indicate this on the RSVP form and teleconference details will be forwarded to you prior to the meeting)
The proposed changes to further strengthen the current MFR, reforms are proposed in the following key areas:
- Introducing risk based, targeted annual reporting requirements
- Fostering improved accountancy practices that meet the objectives of the Minimum Financial Requirements
- Ensuring forms for assurance can provide financial security
- Ensuring funds from related entity loans can be readily accessed
- Clarifying definitions and requirements for the calculation of assets
Please click here for a copy of the discussion paper or access this link - http://www.hpw.qld.gov.au/construction/BuildingPlumbing/Building/SecurityOfPayment/Pages/MinimumFinancialRequirements.aspx