MFR and annual reporting

The requirement to provide annual financial reporting, only applies to:

• company’s who hold a contractor licence, regardless of financial category
• individuals who have an approved maximum revenue greater than $800,000 (financial categories 1 – 7)”

To maintain a QBCC contractor-type licence (particularly in a builder class) you are required to show that you continue to meet the minimum financial requirements.

This is done once a year by submitting annual financial reporting to demonstrate that you:

• haven’t gone over your maximum revenue amount by more than 10% (without informing us)
• maintain a ratio of current assets to current liabilities of at least 1:1
• can continue paying your subcontractors and suppliers. 

NOTE: If you are retired, not currently trading in the building industry, an employee or working for wages, you may wish to surrender your contractor-type licence and reapply as a nominee supervisor.

Learn more about annual reporting obligations of contractor licencees.