BCI Regulation Update
The Long Service Corporation (LSC) is pleased to announce the release of the:
The new regulation comes into effect on September 1 2022, when the existing regulation is due to be repealed.
Key changes
- Raise the levy exemption threshold from $25,000 to $250,000 from 1 January 2023
- Reduce the levy rate from 0.35% to 0.25% of the cost of works for the building, from 1 January 2023
- Introduction of the Penalty Infringement Notice (PIN) schedule.
The delay with raising the levy exemption threshold and reducing the levy rate, was to align with the start of the next relevant quarterly cycle of the financial year, and to allow enough time for us to inform our customers.
All LSC systems will reflect these changes at the appropriate dates to provide a seamless experience for our customers.
Our aim for introducing the Penalty Infringement Notice is to provide LSC with modern tools for compliance and allowing for a more efficient way to resolve matters.
To support our customers with this change, LSC will undertake a seven-month transition period for the Penalty Infringement Notices. In this time, information and education will be provided, with further details on our website.
