If you are applying for a contractor-type licence in most classes you need to demonstrate that you have a financially sustainable business with an appropriate level of working capital. This is known as minimum financial requirements (MFR).
How to demonstrate you meet MFR
Depending on your annual turnover (maximum revenue financial category) you will need to submit an:
- MFR declaration—for SC1 and SC2 licensees (up to $800,000)—completed on the licence application form.
- MFR report—prepared by an accountant for Cat 1-7 licensees ($800,001+).
An MFR report or declaration demonstrates to the QBCC that you have:
- enough working capital—net tangible assets
- in relation to your debts—current ratio
- for your intended and allowable annual turnover—maximum revenue.
Find out how to prepare an MFR report for your licence application.
What if I cannot meet this requirement?
If you cannot meet the minimum financial requirements of a contractor-type licence in a particular class, then you can look at other options for working in the industry that do not include financial reporting obligations. Also, contractors in some classes are exempt from providing financial information.
Learn more about the role and responsibilities of the different licence types.
Financial reporting exemption for PI insurance holders
If you hold or apply for a licence in some licence classes, you may be exempt from financial reporting if you can provide both:
- evidence of your current professional indemnity insurance
- an estimated maximum revenue.
Learn more about professional indemnity insurance and MFR exemptions.
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