Queensland Building and Construction Commission (Minimum Financial Requirements) Amendment Regulation (No. 2) 2019

1Short title

This regulation may be cited as the Queensland Building and Construction Commission (Minimum Financial Requirements) Amendment Regulation (No. 2) 2019.

2Commencement

This regulation commences on 14 June 2019.

3Regulation amended

This regulation amends the Queensland Building and Construction Commission (Minimum Financial Requirements) Regulation 2018.

4Amendment of s 14 (Meaning of net tangible assets of a licensee)

Section 14(b)—
omit, insert—

(b)the total amount of the licensee’s intangible assets worked out under the prescribed accounting standards;

Examples—

•Australian Accounting Standard AASB 138

•Australian Accounting Standard AASB 3

•Australian Accounting Standard AASB 112

•Australian Accounting Standard AASB 123

5Amendment of s 16 (Working out a licensee’s liabilities)

Section 16—
insert—

(2)The trust assets of a trust mentioned in subsection (1)(b) must be worked out under this division as if—

(a)a reference to net tangible assets were a reference to trust assets; and

(b)a reference to a licensee were a reference to the trustee of the trust.

6Amendment of s 17H (What is a licensee’s current ratio)

(1)Section 17H(1), from ‘where—’—
omit, insert—

where—

CA means the licensee’s current assets.

CL means the licensee’s current liabilities.

(2)Section 17H(3)—
omit, insert—

(3)For subsection (1), an asset is a current asset of a licensee if, when the current ratio is worked out—

(a)the asset is treated as an asset of the licensee for working out the licensee’s net tangible assets under part 4; and

(b)the asset—

(i)is of the type that is realised, sold or consumed in the ordinary course of carrying on the licensee’s business; or

(ii)is to be realised within 12 months after the day the current ratio is being worked out; or

(iii)is held for trading within the meaning of Australian Accounting Standard AASB 9; or

(iv)is cash or a cash equivalent, other than an asset that is restricted from being exchanged or used to settle a liability under the Australian Accounting Standards; or

(v)is a loan given by the licensee to a related entity if, on the day the current ratio is worked out, the related entity has current assets that are sufficient to repay the loan in full.