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?
The financial figures and supporting documentation you may be required to provide is determined by your annual maximum revenue. Your maximum revenue includes all revenue you receive from the building industry and any other source.
Refer to https://www.qbcc.qld.gov.au/financial-reporting-licensees/annual-reporting for more information on how to meet the financial obligations for your Category. Alternatively, a full User Guide with step-by-step instructions for all Categories of Licensees is available at https://www.qbcc.qld.gov.au/sites/default/files/Minimum_Financial_Requirements_-_myQBCC_user_guide.pdf
Each QBCC Licence holder has been provided with a QBCC portal login. Once logged in you can provide the details and upload any documents required.
So that we can ensure your financial information is prepared in the timeframe required, please ensure that you advise us that you hold a QBCC licence.
To ask any questions and discuss this matter further, please call us on (07) 3217 5700 or email contact@py.com.au
We help professionals and enterprising business owners by getting the numbers right, adding strategy and insights to maximise business growth, and providing specialist advice that considers your diverse business interests and financial goals.
P+Y Accountants & Business Advisory | P: (07) 3217 5700 | E: contact@py.com.au
Disclaimer: The information contained here is general and not intended to serve as advice. Any information supplied is not a substitute for independent professional advice. We do not warrant the accuracy, reliability, completeness or adequacy of the information or material. All information is subject to change without notice. P+Y and each party providing material displayed here disclaim liability to all persons or organisations in relation to any action(s) taken on the basis of currency or accuracy of the information or material, or any loss or damage suffered in connection with that information or material. Users are encouraged to contact P+Y for advice concerning specific matters before making any decision.
