Financial reporting for licensees
Reporting requirements for companies
If you are applying for a licence or want to change your maximum revenue, you will need to provide information about your revenue.
The company can declare its maximum revenue (MR) will not exceed:
- $200,000 where the company has net tangible assets of $12,000 (PDF) (this option is not available to builders), or
- $600,000 where the company has net tangible assets of $36,000 (PDF).
Between $600,001 to $12 million
Provide an MFR Report (PDF) signed by an Accepted Independent Accountant.
In addition, the company must:
- have sufficient net tangible assets (NTA) in its own right for the level of maximum revenue required (or in combination with a Deed of Covenant and Assurance)
- maintain the minimum required current ratio of 1:1
- provide financial information which is no older than 4 months at the time the report is signed
- provide a copy of the signed financial statements on which the report was based or if a trust or partnership, also include the trust's or partnership's signed financial statements
- maintain internal management accounts at quarterly intervals (are not required to be submitted to QBCC – unless requested)
- for a trust or partnership, maintain accounts for the licensee and trust/partnership
- for an application, it must be signed no more than 30 days prior to the date the application is received by QBCC
Over $12 million
Provide the following report MFR Report (PDF) and in addition:
- the financial information should be no older than 4 months at the time the report is signed
- for an application, it must be signed no more than 30 days prior to the date the application is received by QBCC; and
- a copy of the signed financial statements on which the report was based or if a trust or partnership, also include the trust's or partnership's signed financial statements.
Additional reporting requirements for licensees who provide audit or review reports to ASIC or ASX
From 9 October 2015, if you or any company within your group of companies is required to provide an auditor's report or review report to the ASIC or ASX, you now have an additional reporting requirement. You must forward a copy of the auditor's report or review report which you provide to the Australian Securities and Investment Commission (ASIC) or Australian Securities Exchange (ASX) within 30 calendar days of the report being signed and/or submitted to ASIC or ASX.
Failure to provide these documents within this timeframe may result in our determining you no longer meet the Minimum Financial Requirements.
If you have already provided these documents to ASIC or ASX for the 2014-15 financial year, you must provide the copy to us on or before 1 December 2015.
Trusts and partnerships
QBCC does not license trusts but it may license a company, as trustee for a trust. The company’s maximum revenue (MR) must cover the revenue of both the company and trust, but the company must have net tangible assets (NTA) in its own right as it cannot use the trust’s assets.
If the company trades through a partnership, the company must provide QBCC with proof of the business partnership or an original or certified copy of QBCC's Statutory Declaration for Partnership (PDF). The MR applies to the company, in combination with the partnership.
If you company is based overseas, most of the requirements will be the same.
Company audited overseas
If the company is based overseas and does not have its financial accounts audited by an Australian auditor, the company may provide an MFR Report (PDF) with any appropriate qualifications as agreed to by QBCC. The report may rely on the last audited accounts which may be more than 4 months in age and must be signed by an Australian Registered Company Auditor.