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Minimum Financial Report

20 May 2020

We assist clients with the preparation and lodgement of Minimum Financial Requirements (MFR) reports with the Queensland Building & Construction Commission (QBCC). The QBCC can request MFR reports from business under the following circumstances.

  • When you apply for a new licence with the QBCC (Category 1 upwards)
  • If your Net Tangible Asset (NTA) position decreases by more than 20% for Categories 4-7 licensees (or 30% for all other licensees)
  • If your business no longer meets the minimum Current Ratio of at least 1:1
  • If your Maximum Revenue needs adjusting (you must not exceed your MR by more than 10% in each financial year)
  • Or if the QBCC request an MFR from your business for any reason.

Information provided with an MFR Report must be signed off by an accountant, accompanied by signed financial statements, have relevant accounting standards applied, and be no older than four months in age.

For assistance with the preparation and submission of a QBCC MFR Report please contact our team on 07 5628 0112.

Office

Gold Coast, Qld —
71  Davenport St
Southport QLD 4215

gmdadvisory.com.au

07 5628 0112

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DISCLAIMER: The work performed BY GMD ADVISORY for you is undertaken in accordance with the Tax Agent Services Act 2009. The Tax Agent Services (Code of Professional Conduct) Determination 2024 requires us to make the following disclosures: 1) There have been no matters that could significantly influence your decision to engage us for Tax Agent Services since REPORTING REQUIREMENTS BEGAN ON 1 July 2022. 2) To provide Tax and BAS services, an agent must be registered. The Tax Practitioners Board maintains a register of tax and BAS Agents that can be accessed and searched on The TPB PUBLIC REGISTER 3) If you have a complaint about our service, you can take the following steps to resolve this situation: i) Please contact the individual working with you first with all details of your complaint by email. ii) If they cannot resolve your complaint within 5 business days, please escalate this matter by email to OUR DIRECTORS – MATTHEW DICKER AND MEGAN SCHMIDT WHO will attempt to resolve your complaint within 10 business days. iII) If you are unhappy with our proposed outcome, you can then ESCALATE YOUR complaint to the Tax Practitioners Board.

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07 5628 0112
gmdadvisory.com.au
07 5628 0112
gmdadvisory.com.au