Amendment to the Queensland Building and Construction Commission (QBCC) Minimum Financial Requirements (MFR) Regulation has been announced and commences today, Friday 16 February 2024.
This relates to the requirement to lodge General Purpose Financial Statements when preparing a MFR report.
An MFR report is required by the QBCC when
- applying for a new contractor-type licence,
- increasing maximum revenue,
- reporting a decrease in net tangible assets,
- have a significant change to your business structure or ownership,
- change or withdrawal of a covenantor, or
- if the QBCC requests it.
From today, Friday 16 February 2024, if you are required to lodge an MFR Report in financial categories SC1, SC2, and categories 1 to 3 (maximum revenue up to $30 million), QBCC will again accept Special Purpose Financial Statements.
This change applies to financial information in MFR Reports for the quarter ending 31 December 2023 onwards.
This change does not affect the annual reporting requirements for SC1 and SC2 which is still a 3-page form with no supporting documents required.
There are no changes to the existing requirements for contractor licensees in financial categories 4 to 7 (maximum revenue of more than $30 million). For both MFR Reports and annual reporting purposes, these licensees are required to provide General Purpose Financial Statements.
How can we help
A Moore Australia advisor can assist with providing advice on your requirements to sustain your QBCC license, preparing financial reports that comply with the Australian Accounting Standards and provide lodgements on your behalf.