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QBCC Accountants Gold Coast

QBCC Accountants Making Your Financial Requirements Easy

In 2019, the Queensland Government and Queensland Building & Construction Commission (QBCC) introduced the Minimum Financial Requirements (MFR). While these requirements help minimise losses to construction businesses and aim to reduce liquidations, the requirements can be confusing. This is why our QBCC Accountants Gold Coast are here to help you with easy QBCC accounting services to take the stress away.

If you’re in the construction or trade industries then it’s important you keep up to date with the latest from the QBCC. Our team can help you do just that.

New Legislation For Building & Construction Industry (1)

How Our Gold Coast QBCC Accountants Can Help You

For more than 45 years, our team at Crest Accountants on the Gold Coast have been helping businesses meet and understand their financial obligations. When the QBCC released their financial requirements in 2019, our team created services to help and support our construction and trades clients even further, making it easy and stress-free. Book an appointment today to see how we can assist you, as we have done for our current construction clients.

Business Planning & Licence Applications

If you’re applying for a contractor-type licence through the QBCC, you’ll need to demonstrate you have a sustainable business with enough capital to get you going. This is known as your Minimum Financial Requirements and can be overwhelming and time-consuming. Our specialised QBCC accountants can help you navigate the process with ease.

QBCC Financial Reporting

It’s easy for building companies to unknowingly make mistakes on their QBCC financial reporting, opening them up to auditing. With Crest accountants QBCC reporting services, Our QBCC accountants Gold Coast help you lodge your financial reports accurately and to current requirements, helping you save time, stress and money now and in the future.

Licence Upgrades

Did you know changes to your business may mean you need to apply for a different QBCC licence? Ensuring you have the right licence type for your class helps you meet your obligations with the QBCC and keep your business running smoothly. We’ll help you navigate the steps with ease and know exactly what you need to do.

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QBCC Financial Requirements You Need to Know About

A QBCC licensed business must submit an annual financial report to the QBCC. Depending on the category of business you operate, you will have to share information including profit and loss statements, balance sheet, aged debtors and creditors, statement of cash flow.

Beyond this, certain circumstances may mean either an MFR report or declaration is required.

The QBCC lists the following as the main reasons that would trigger a company to submit a more detailed MFR report:

  • When you apply for a new licence (licence Category 1 upwards, maximum revenue over $800,001)
  • If your Net Tangible Asset position decreases by
    more than 20% for Category 4-7 licensees and
    more than 30% for all other licensees
  • If you no longer meet the minimum Current Ratio of at least 1:1 (a current ratio shows the amount of current assets of a business in relation to its current liabilities)
  • If your Maximum Revenue (MR) needs adjusting (MR must not be exceeded by more than 10% in each financial year)
  • If the QBCC requests it

This applies to Cat 1-7 licensees.

In most circumstances, SC1 and SC2 licensees with annual turnover below $800,000 are required to submit a less complicated MFR declaration.

Depending on a few criteria, some licensees may be exempt from submitting an MFR report or declaration, but it is best to always obtain professional advice. As recently shared by Australian Property Investor, the QBCC takes action to strip licences of businesses that don’t meet reporting requirements.

There are many different areas of the QBCC Minimum Financial Requirements and reporting you need to know, understand and report on when required. If you need help with your construction or trades QBCC financial requirements, our QBCC accountants are here to help in any way you need. We can also help with your other business bookkeeping and accounting needs, giving you an easy, all-in-one solution for your construction and trades business finances.

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Minimum Financial Requirements For QBCC

The QBCC Minimum Financial Requirements regulation outlines the minimum financial requirements your Gold Coast construction company needs to meet to ensure you have a strong and financially stable business. You’ll need to demonstrate your maximum revenue, net tangible assets and current ratio through regular reporting of your finances to the QBCC.

Where you don’t meet the minimum requirements, it may change your work in the industry or your obligations. Crest  Accountants can help you with the QBCC MFR process, including helping you understand where you currently stand and your potential future.

Maximum Revenue

Your maximum revenue is the maximum turnover your business can earn in a financial year under QBCC regulations. You’ll need to calculate and state your allowable maximum return in your MFR reporting, and then follow this to the QBCC regulations. Not calculating your maximum revenue correctly may cause you headaches down the road, including having to seek permission to exceed your revenue by more than 10% in a reporting period. Having an accountant, like our team at Crest Accountants, will help you calculate correctly based on your current financial situation and projections.

Net Tangible Assets

As part of your QBCC reporting, you’ll need to calculate your net tangible assets, which includes the total assets of your business, less any intangible assets and less all liabilities. Your net tangible assets determine your annual turnover, so it’s crucial to understand what is classified as an asset, intangible asset and liability to prevent any future problems. We can help you assess your current ratio requirements, reporting them accurately to the QBCC to give you the best possible outcome for your business.

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Are you meeting your QBCC reporting requirements?

Understanding the complexities and requirements of building and construction business reporting is a big undertaking. However, if you fail to meet requirements, you risk your licence being revoked.

Because of the constant updates and changes, working with an accountant who understands the QBCC reporting requirements is essential. In addition to this, as shared by the QBCC, a licensee must ensure an MFR report is prepared by a qualified accountant who is independent of the licensee.

The requirements may feel like a burden on you as a business owner and some accounting bodies are pushing for reporting requirements to be simplified. In the meantime, having a quality construction accountant who can help you prepare the right declarations, statements and reports will streamline the process and allow you to focus on other areas of your business.

Construction Accounting Gold Coast
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The Specialised Accountant In QBCC for the Construction Industry

At Crest Accountants, we stay up to date with the latest QBCC financial information so you don’t have to (although we help you stay informed so you’re across the financial position and obligations of your business).

If you own a construction or trades company, and/or are tired of feeling frustrated by your QBCC financial reporting then it’s time to contact Crest accountants. Our team can help you to maintain your financial requirements to the QBCC & allows you to work on the things that really matter in growing your business.

Contact us today to learn more about our QBCC Accounting and bookkeeping services.

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I have partnered with Crest Accountants for quite a number of years now. I guess one of the most valuable things to me as a business owner - apart from good smart accounting - is the fact that Crest are proactive in their support of my business. Crest Accountants stay on top of things globally, nationally and locally in terms of what I need to be made aware of. I liaise mostly with Troy who genuinely takes an interest in the wellbeing of both myself, and the health and growth of my business. He tends to see ‘big picture’ and that has been invaluable to me over the years. This will be even more essential as we begin to navigate higher volatility levels resulting from increased global instability in the seasons to come.  
Matthew Williamson – Director – HT Concepts Pty Ltd T/as Nursery and Garden Supplies

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Carree and Brett Pawson – Brett Pawson Metal Roofing

“I have partnered with Crest Accountants for quite a number of years now. I guess one of the most valuable things to me as a business owner - apart from good smart accounting - is the fact that Crest are proactive in their support of my business. Crest Accountants stay on top of things globally, nationally and locally in terms of what I need to be made aware of. I liaise mostly with Troy who genuinely takes an interest in the wellbeing of both myself, and the health and growth of my business. He tends to see ‘big picture’ and that has been invaluable to me over the years. This will be even more essential as we begin to navigate higher volatility levels resulting from increased global instability in the seasons to come.”
Matthew Williamson – Director – HT Concepts Pty Ltd T/as Nursery and Garden Supplies

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Dr. Dimitri Kopanakis – Managing Director - String Central Pty Ltd

“Crest Accountants have been our accountants and financial advisors for 15 years. We have found them to be reliable and competent and have placed great value on the many suggestions they have made to us in this period which include: Company and Superannuation Structuring; Financial Planning; Budgeting and Taxation Strategy.  They have been pro-active to any legislation changes and have advised well in time to make such changes which are necessary for compliance and protection of our company.   We can recommend them to any company wishing to make use of their services.”  
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