Business Support

Part 2 of the Closing Loopholes Bill – which was split into 2 parts in late 2023 went to parliament last week. Independent Senator David Pocock has affirmed his backing for the passing of the Closing Loopholes No. 2 Bill which is co-sponsored with Senator Jacqui Lambie, pending a comprehensive set of amendments.

The Department of Housing, Local Government, Planning and Public Works progressed an amendment on 16 February 2024 to the Queensland Building and Construction Commission (Minimum Financial Requirements) Regulation 2018 (MFR Regulation) to reduce costs and administrative burden for certain licensees.

The 2023-24 instant asset write-off extension and the Small Business Energy Incentive have passed the Federal Parliament

ISO Certification information for your plumbing or gas business

From 1 July 2021, changes to the Australian Accounting Standards (AAS) removed the ability for Special Purpose Financial Statements (SPFS) to be prepared to satisfy certain reporting requirements, including Minimum Financial Requirements (MFR) reports.

The project trust (and associated retention trust regime) has now expanded to cover private sector projects where the contract price exceeds $10 million.

Queensland Small Business Commissioner (QSBC) Dominique Lamb held a Small Business Industry Roundtable recently, which was attended by MPAQ, to discuss some key growth locations in Queensland, insights that may impact businesses, and advocacy and assistance work surrounding insurance, childcare, industrial relations reforms, taxation, digital and financial literacy, fuel, and freight.