Queensland Consolidated Regulations

QUEENSLAND BUILDING AND CONSTRUCTION COMMISSION (MINIMUM FINANCIAL REQUIREMENTS) REGULATION 2018 - REG 27

27 Re-categorisation of particular category 1 licensees as SC2 licensees

(1) This section applies to a person if—

(a) immediately before the commencement, the person was a category 1 licensee who, under the expired MFR policy, had a maximum revenue of between $600,000 and $800,000; or

(b) a licence is granted for an application mentioned in section 24, and the licensee for the licence is, under the expired MFR policy, a category 1 licensee who has a maximum revenue of between $600,000 and $800,000.

(2) On the commencement, the person is a category SC2 licensee under this regulation.

(3) Subsection (4) applies if the licensee included a deed of covenant asset for working out the licensee’s net tangible assets under the expired MFR policy.

(4) Despite section 17B(1)(b), the licensee may continue including the asset for working out the licensee’s net tangible assets until 31 December 2019.