QBCC MFR annual reporting
May 11, 2020
Annual Financial Reporting was required for all QBCC licensees by 31 December 2019.
What happens if I did not report?
QBCC has advised that they will take different disciplinary action depending on what licence category you are in.
Category 4 or above licensee (maximum revenue above $30 million).
The QBCC will have already contacted you. QBCC has advised that just about all licensees in this category have submitted.
QBCC have advised that those licence categories in level 1-3 ($800,000 to $30 million maximum revenue) will be issued with a proposed condition that they cannot enter into any more building contracts unless they submit their annual report. A failure to respond to this notice will progress to licence suspension.
Self-certifying licence categories
Due to the current COVID-19 pandemic QBCC will not be issuing proposed conditions to self-certifying licence categories (those with maximum revenue under $800,000).
Are you having trouble meeting the MFR requirements?
QBCC have advised that those smaller licensees (under category 4) who have submitted their annual reports but have not met the MFR requirements will be allowed until the end of 2020 to increase their Net Tangible Assets (NTA).
QBCC has detailed this under its ‘MFR Annual Reporting Regulatory Guide’ which is available here.
I have received a QBCC letter but I submitted my annual report. What do I do?
Never ignore QBCC correspondence and seek clarification if the letter is unclear. Remember to always check your post as this is QBCC’s primary method of communication.
I submitted last year. When will I have to do this again?
QBCC have advised that the next round of annual reporting will be due by 31 December 2020.
Given the ongoing financial impact that COVID-19 will have on construction finances it is important that contractors keep in mind the Minimum Financial Requirements attached to their licence.
If you have any queries you can contact a HIA workplace advisor via email@example.com or call HIA on 1300 650 620.