QBCC Minimum Financial Report (MFR)
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 and 30% (for all other licensees)
- If your business no longer meet 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)
- 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, must be accompanied by signed financial statements, must have relevant accounting standards applied, and must be no older than four months in age.
Shoudl you require assistance with the preparation and submission of a QBCC MFR Report please contact our team on 07 5628 0112.