QBCC

support every step of the way

having a qbcc specialist in your corner will make the world of difference to your construction business

As a business owner, you may be in the habit of taking on everything yourself. The best thing you can do is ask for expert help! Find out more by clicking the button below or call us on 1300 667 897!

How we can help

Are you QBCC compliant? With our help, it’s never been easier!

If you operate in the Queensland building and construction industry, you no doubt are familiar with the QBCC and their annual reporting requirements. Our team of QBCC specialists can remove the hassle of QBCC compliance and help you stay on track with requirements, allowing you more time to focus on your business and what you love doing most.

The common issues we see with QBCC reporting are the current ratio and net tangible assets tests. Managing Principal, James Brown, who heads our team of specialist QBCC accountants recommends a thorough review of your financial accounts prior to lodging with the QBCC. James will ensure you comply with the requirements or advise you to amend and fix the problem areas before serious issues arise.

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Minimum Financial Requirements Report

We help you with your MRF report to help you stay compliant and maintain your licence.

Financial Monitoring

Stay on top of any issues and make sure you are meeting QBCC requirements with our quarterly reviews.

Quarterly Meetings

Every quarter we’ll get together to revisit your goals and your needs, and get on top of any pain points you might be experiencing.

Bookkeeping 

Free up your time, and give yourself peace of mind by allowing our knowledgeable team of bookkeepers to take care of your books.

Business Growth 

Our QBCC specialists and advisers can work with you to create a  realistic and achievable strategy for business growth.

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Tax Structuring

With the right investment and business structure, you can reduce your tax bill and protect your assets.

Tax Planning 

Catching up for a yearly tax planning meeting can help you stay on track, help you ensure QBCC compliance and minimise your tax bill.

Budgeting and Forecasting 

Our team can prepare both simple and complex budget and cash flow forecasts, giving you extra peace of mind when it comes to spending and improving your business.

Things to consider...

The current ratio shows the amount of current assets of a business in relation to its current liabilities and helps determine financial sustainability. The minimum current ratio for a licensee is 1:1. This means you must have at least $1 in current assets for every $1 of current liabilities.

The current ratio calculation also depends on your business structure:

  • Individuals – personal current assets and current liabilities
  • Partnerships – a combination of the partnership’s and the licensed partner’s current assets and current liabilities
  • Trusts – a combination of the trust’s and the trustee’s current assets and current liabilities
  • Companies – the current assets and current liabilities of the company

Net Tangible Assets (NTA) is the total assets of a business, less any intangible asset. These can be things like goodwill, patents, and trademarks, less all liabilities. Your NTA will determine the maximum revenue (MR)  you can earn in the coming year.

Note that the following assets are NOT counted in the calculation:

  • personal furniture
  • investments or shares in companies that aren’t publicly listed
  • investments values using equity accounting methodology
  • units in trusts that are not publicly listed
  • trade or barter dollars
  • assets assured to another licensed entity
  • boats, ships, jet skis, planes, helicopters, racehorses and racing cars
  • collectors’ items such as paintings, stamps, coins
  • contingent assets
  • unvested superannuation benefits
  • life or income protection insurance policy benefits

You are permitted to exceed your Maximum Revenue (MR) by up to 10 per cent without obtaining prior approval from QBCC. If you believe you will exceed your MR by more than 10 per cent, you need to provide QBCC with either a new financial declaration or Minimum Financial Requirements Report that supports the increase. This must be done prior to exceeding the MR.

If you are planning to increase or decrease turnover over $800,000, one of our QBCC specialists and advisers will need to prepare a Minimum Financial Report for you.