Queensland Consolidated Regulations

QUEENSLAND BUILDING AND CONSTRUCTION COMMISSION (MINIMUM FINANCIAL REQUIREMENTS) REGULATION 2018 - REG 17

17 Working out a licensee’s disallowed assets

(1) The following are disallowed assets of a licensee—

(a) a recreational vehicle;

(b) an unregistered vehicle;

(c) a racehorse;

(d) a collectors item;

Examples—

paintings, stamps, coins

(e) contingent assets under Australian Accounting Standard AASB 137;

(f) furniture used solely or predominantly for a personal purpose;

(g) investments in, or shares of, companies other than companies listed on a stock exchange;

(h) investments valued using the equity method under Australian Accounting Standard AASB 128 for a special purpose financial statement under the Australian Accounting Standards;

(i) non-monetary credits, including, for example, goods or services owed to the licensee in exchange for other goods or services;

(j) assets held on trust by the licensee for a beneficiary other than the licensee;

(k) units in trusts that are not listed on a stock exchange;

(l) superannuation benefits that can not be accessed by the licensee on the day the disallowed assets are worked out;

(m) life or income protection insurance policy benefits;

(n) an amount owing to the licensee by a debtor, if an invoice for the amount has been given to the debtor more than 1 year from the day the disallowed assets are worked out;

(o) a deed of covenant asset for which the licensee is the covenantor under the deed.

(2) In this section—

"recreational vehicle" means the following—

(a) a motorbike under Transport Operations (Road Use Management) Act 1995 , schedule 4 , that is designed to be used off-road;

(b) a quad bike under the Queensland Road Rules , schedule 5 ;

(c) a motorised golf buggy under the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2021 , schedule 8 ;

(d) a ship under the Transport Operations (Marine Safety) Act 1994 , section 10 ;

(e) a personal watercraft under the Transport Operations (Marine Safety) Act 1994 , schedule 1 ;

(f) an aircraft under the Air Navigation Act 1937 , section 4 ;

(g) a racing vehicle under the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2021 , schedule 8 .

"unregistered vehicle" see the Transport Operations (Road Use Management—Vehicle Registration) Regulation 2021 , section 7 (2) .