Is Your QBCC License a Ticking Timebomb?

With so much happening in the building industry at the moment, It’s critical that builders and tradies are 100% on top of their QBCC financial reporting requirements. The last thing anyone needs is for their licence to be suspended because they don’t have their QBCC affairs in order.

>> Learn more about your QBCC obligations on our QBCC MFR Report & Accounting page. <<

In the recently released edition of Master Builder Magazine, Xact Accounting’s Founder and CEO, Mick Renton makes it clear that now is not the time to get out of line with the QBCC.

The industry is entering the 3rd year of the QBCC’s annual financial reporting regime… The QBCC are getting more and more efficient at tracking down non-compliance.

And with the market still running hot for many operators, there’s a chance they won’t even be aware they’ve fallen foul of QBCCs regulations.

Many businesses have seen a jump in revenue due to greater demand, but with margins being squeezed, these dynamics will trigger a number of MFR failures.

Ultimately, this is one issue where you must engage a specialist – just like any other profession, you need someone who knows your industry. When it comes to something as important as your QBCC Licence, you can’t take the risk of having an accountant who doesn’t know their stuff.

The QBCC have very specific tests for determining whether you meet your minimum financial requirements – some of which are outside standard practice in accounting. As a result, (we) regularly see licensees make multiple, unsuccessful attempts at resolving an MFR issue, further complicating their position, and increasing their stress levels.

Need help with your QBCC Financial Reporting? Call our QBCC Accounting hotline on 07 3124 8666 to book a free consultation.

Master Builder article: QBCC Financial Reporting Season: Are You Prepared?

Master Builder Magazine Jan-March 2022 Issue