Financial reporting requirements for Categories 4-7 (Maximum revenue more than $30,000,001)
Applying for a licence - Individuals and stand-alone companies
Licensees that require a maximum revenue (MR) in the financial year greater than $30,000,001 are required to submit financial information in the MFR report categories 4-7 (PDF) .
The report can be no more than 4 months in age, from the end of the financial reporting period being relied upon, at the time the accountant signs the report.
The financial information may be based on the applicant’s most recent financial information, being either:
- last financial year end accounts; or
- the current financial year to date accounts.
A copy of the Signed Financial Statements being relied upon must accompany the MFR report. The report must not be signed more than 30 days prior to the date it is provided to the QBCC.
Forms submitted with alterations, other than the completion of the spaces provided, may be refused by the QBCC; i.e. incomplete forms, or forms with information supplied in addition to or in place of what is requested.
For consolidated companies
Where the company operates within a group of companies, it may rely on the consolidated accounts of the group if:
- the company is the parent entity of the group, or
- the company is a subsidiary within the group, and is party to a Deed of Cross Guarantee (ASIC Class Order 98/1418 or similar);
The MFR report should be completed based on either:
- the consolidated group of companies; or
- the "closed group" of companies – being only those companies subject to the Deed of Cross Guarantee,
- the company, in its own right, as a stand-alone company.
The company must provide evidence that the Deed of Cross Guarantee was in place for the period of review on which the report is based and continues to be in place for the forthcoming financial year.
Changing your MR
To increase or decrease the MR above $30,000,000 the licensee must complete and submit financial information in the MFR report together with a copy of the signed financial statements relied upon to complete the MFR report. The report can be no more than 4 months in age, from the end of the financial reporting period being relied upon, at the time the accountant signs the report.