At time of Application
Annual turnover will be NO MORE than $300,000
The application form contains a section (Financial Information) where you are able to declare that:
your annual turnover will not exceed $100,000 and you have net tangible assets of $6000 (this option is not available to builder applicants) - s3.2 AATO of $100,000 per annum and under
;or
your annual turnover will not exceed $300,000 and you have net tangible assets of $18,000 - s3.3 AATO of $300,000 per annum and under
Annual turnover will be MORE than $300,000
Where your annual turnover will exceed $300,000 you will be required to submit financial information with your application. Click here for more information.
Are you applying for one of the following licence classes?
Builder Project Management Services
Building Design Low Rise
Building Design Medium Rise
Building Design Open
Hydraulic Services Design
Hydraulic Services Design (excluding design of on-site domestic waste water management)
Site Classifier
Site Classifier (excluding on-site domestic waste management)
Applicants applying for the above licence classes, and who comply with the prescribed conditions, do not have to provide financial information and can instead provide evidence of holding the required level of Professional Indemnity Insurance and an Estimated Annual Turnover.
Note: You are not able to utilise this provision if you already hold a contractor licence or are applying for a contractor licence in a class other than those mentioned above e.g you already hold a Carpentry contractor licence or you are applying for a Concreting contractor licence - in these instances you must comply with the full FRL policy.
What if I have been granted a PI Exemption?
If you applied for and were granted a PI Exemption, the exemption from providing financial information does not apply to you and you will be required to comply with the full Financial Requirements for Licensing.
At time of Renewal
Turnover will not exceed $300,000 for the next licence year
The renewal form contains a declaration section where you are able to declare that:
your expected annual turnover will not exceed $100,000 (not available to builder applicants) and you have net tangible assets of at least $6000 (not available to builder applicants) - s4.1 AATO of $100,000 per annum and under; or
your expected annual turnover will not exceed $300,000 and you have net tangible assets of at least $18,000 - Financial Requirements for Licensing Policy - s4.2 AATO of $300,000 per annum and under
Turnover will exceed $300,000 for the next licence year
Where your turnover for the next licence year will exceed $300,000 you will be required to provide a financial report and submit financial information with your renewal form before your licence can be renewed. Click here for more information.
Are you renewing one of the following licence classes?
Builder Project Management Services
Building Design Low Rise
Building Design Medium Rise
Building Design Open
Hydraulic Services Design
Hydraulic Services Design (excluding design of on-site domestic waste water management)
Site Classifier
Site Classifier (excluding on-site domestic waste management)
Licensees holding the above licence classes, and who comply with the prescribed conditions, do not have to provide financial information and can instead provide evidence of holding the required level of Professional Indemnity Insurance and an Estimated Annual Turnover.
Note: You are not able to utilise this provision if you hold a contractor licence in a class other than those mentioned above e.g. you hold a Carpentry contractor licence - in this instance you must comply with the full FRL policy.
What if I have been granted a PI Exemption?
If you applied for and were granted PI Exemption, the exemption from providing financial information does not apply to you and you will be required to comply with the full Financial Requirements for Licensing.
Where you want to change your turnover during the licence year
You are able to increase or decrease your allowable annual turnover throughout the licence year (your issued allowable turnover must not be exceeded by more than 10%):
Where you are decreasing to an allowable turnover of $100,000 or under (this option is not available to builders) you should complete and return the Declaration AATO under $100,000 per annum form
Where you are increasing from $100,000 to an allowable turnover of $300,000 and under you should complete and return the Declaration AATO under $300,000 per annum form
Where you are increasing your allowable turnover to more than $300,000 you will need to provide a financial report - as per s 6.2 of the Financial Requirements for Licensing (the table on page 66 provides the prescribed form for turnover)
Financial Requirements for Licensing Policy
6.2 Adjustment of AATO
Increase or decrease in Net Tangible Assets?
You must comply with the financial requirements policy at all times. Click here to find out more
Do you require Professional Indemnity Insurance?
Click here for more information
