At Simmons Livingstone & Associates, our experienced accountants are experts at helping businesses navigate QBCC compliance requirements to ensure successful licence and annual report lodgement. These processes are highly complex and largely time consuming, which is why so many businesses rely on our team to ensure hassle-free QBCC compliance.
QBCC licence applications can be challenging and require lots of paperwork in order to satisfy industry requirements. With extensive experience supporting Queensland businesses through these stringent processes, Simmons Livingstone & Associates are well prepared to support you along the way. Don’t leave your application to chance; get in touch with our team and let us help you prepare and lodge an airtight QBCC licence application.
Any business operating within the building and construction industry in Queensland is required to submit an annual QBCC report in order to maintain a licence. To meet industry requirements, this report needs to demonstrate that the licensee satisfies the minimum ratio of assets to liabilities in order to determine gross maximum revenue. With accuracy of these reports being paramount, you can rely on our team to make the process seamless and stress-free.
We won’t just give you generic guidance and send you on your way. The two most important components of our business is our staff and clients, so we always put them first.
Whether it’s keeping clients informed of tax changes or spotting opportunities for growth for our clients, we’re always looking for ways to improve.
At the end of the day, we’re here to help you achieve financial goals - whatever they may be. We do this by getting to know you and your situation, then helping you in whatever way you need.
Everyone has a different definition of financial success. That’s why we really listen to our clients, so that every recommendation is aligned to your own unique goals.
You need to lodge your annual financial information to the QBC by the required reporting day. This reporting day is based off the reporting period the licensee reported last annual report (i.e. if reported from 01/01/2019 to 31/12/2019 then the reporting period must be 01/01/2020 to 31/12/2020). You can change this by applying with QBCC.
If you have missed your annual reporting due date you will need to submit your annual financial information as soon as possible.
MR is the total calculated income that an entity can do in any given financial year. This figure is calculated on your calculated Net Tangible Asset Position through the MFR Report. Note that if your actual revenue is 10% more or less than the Maximum Revenue listed with the QBCC then a new MFR report is to be lodged to present the new MR position.
MFR report is a report which details the entities Current Ratio, Net Tangible Asset position and Maximum Revenue. This particular report is required to be given to the QBCC by licensees in the following circumstances: 1. when you apply for a new licence (Category 1 upwards); 2. If your NTA position decreases by more than 20% for Category 4-7 licensees and 30% for all other licensees; 3. If you no longer meet the minimum current ratio of at least 1:1; 3. If your MR needs adjusting (you must not exceed your MR by more than 10% in each financial year).
A Qualified Accountant is someone who meets the following requirements: 1. is considered a qualified accountant outlined in https://www.legislation.gov.au/Details/F2016L0154; or 2. is a registered company auditor; or holds a current public practising certificate from the Association of Taxation and Management Accountants or National Accountants Association. Must ensure they are independent of the applicant or licensee and is not an excluded accountant for QBCC.
I have been using SimmonsLivingstone for my accounting and financial needs for over 10 years. In that time I have been extremely happy with their work and would not hesitate in recommending them to anyone.
They have expert knowledge and a warm professional approach. I also wanted to make a special mention of Tom Graham their financial adviser. Tom has provided me with a financial plan that gives me peace of mind and a great future. I am very lucky to have the support of such a great team.
I have used Simmons Livingstone & Associates for the past 6 years and I have been very happy with them. They are very professional and nothing is ever a problem for them. I highly recommend them.