Categories 4 - 7
Annual turnover of more than $30,000,000 - Categories 4 - 7
The new Minimum Financial Requirements (MFR) laws commenced on 1 January 2019 with the aim of ensuring that licensees in the building and construction industry are operating financially sustainable businesses. These new laws require that licensees who hold a contractor grade licence must provide annual financial information.
What does this mean for you?
You already provided your financial information earlier this year.
For category 4 – 7 licensees you already provided your financial information earlier this year. You are required to provide your 2018-19 financial information again by 31 December 2019. From 2020 it will be once a year.
The financial figures and supporting documentation you may be required to provide is determined by your annual maximum revenue. Your maximum revenue (MR) includes all revenue you receive from the building industry and any other source. If you are unsure about the maximum revenue you have previously declared to the QBCC, you can check yours in our online licence search.
Reporting was due by 31 December 2019. However, if you did not meet the deadline you must still provide your 2018-2019 annual financial information as soon as possible. This can be done online via the myQBCC portal.
- Gather your financial information
- Login to myQBCC
Adding a representative on myQBCC
Please note: !f you would like a third party to submit this information on your behalf, you will need to ensure they have been added as a representative and assigned the appropriate permissions in myQBCC.
See myQBCC - adding other users to your account for more information.
Supporting documentation required
If you are required to prepare annual reports for ASIC or ASX, a copy of these reports may be submitted to satisfy this annual reporting requirement.
If you are a non-reporting entity:
- A profit and loss statement;
- A balance sheet;
- An aged debtors and creditors report with details of each debtor categorised by age of their debt;
- A statement of cashflows;
- Any accounting note to the documents above;
- A written declaration verifying the information contained in the documents mentioned above, and;
- A description of the measurement, within the meaning of the Australian Accounting Standards, on which the financial statements mentioned above, are based and the accounting policies or reports relevant to those financial statements.
What is my ‘most recent reporting year’?
You are required to provide financial information for your most recent reporting year. For most licensees, your most recent reporting year end would be 30 June, in line with the financial year.
Do you have both an individual and company contractor licence?
Reporting was due by 31 December 2019. However, if you did not meet the deadline you must still provide your 2018-2019 annual financial information as soon as possible. This can be done online via the myQBCC portal. This is the case even if your individual turnover is $nil.
Whilst the deadline for reporting was 31 December 2019, it is still a requirement for you to lodge your Annual Report. Not lodging could mean:
- Your QBCC licence may be suspended or cancelled.
- You will be unable to continue any current contracts or take on any new contracts while your licence is suspended.
Need further help?
See our handy user guide for easy to read, step-by-step instructions or watch the webinar for your category below: