If you’re a licencee in the building and construction industry, it has become critical to partner with a QBCC specialist accountant. Our team of expert QBCC specialists understand how essential your license is to your business and company cash-flow.
We eliminate all the hard jargon and help you comprehend plus comply with the QBCC Financial reporting parameters to give you ample time to focus on the day-to-day matters that grow your business.
But first, let’s make sure you know what all this is about.
This is a license held by individuals and businesses in Queensland to execute any building work valued above $3300.
This also includes:
Please keep in mind that the cost of the building work is inclusive of material and labor costs. This does not consider the supplier of the materials.
Below are the license categories along with requirements:
Your MR can be calculated by combining the net tangible assets (NTA) stated in your financial declaration. The calculation isn’t factored in to the SC1 and SC2 in bringing out the maximum revenue.
To take a look at the license classes, refer here.
Quite importantly, the MFR Report stays the QBCC’s go-to report to be clearer about a licensee’s financial position against the mandated requirements.
Hinted on the 1st of January 2019, it was officially introduced on the 2nd of April 2019.
The requirements agreed on can be found in the table above.
A trust will not be able to obtain a QBCC license. The company trustee will have to apply for the license.
Employees don’t necessarily need a license until they become responsible for:
If the work involves gas fitting, fire control, plumbing, pest control, and drainage, you’ll still need a QBCC license no matter what the value of the work is.
If you’re an architect registered through the Board of Architects, you are not required to have a QBCC license to function. This means that you’ll be able to accept building design work and perform building inspections on here various kinds of buildings. In case you’re unsure about your registration, check here.
There are also specific situations in which you don’t need a QBCC license. These apply when you’re performing work as:
For other situations that may not need a QBCC license, see Section 5 of the Queensland Building and Construction Regulation for 2003 and Section 42 for the year 1991, or you may simply contact the Tradies Accountant QBCC specialist accountant.
To avoid incorrect or unclear QBCC financial reports, it is imperative to seek the services of a QBCC specialist accountant.
Our team of expert accountants will review your financial accounts before you lodge them with QBCC.
If you’ve been dreading to open that box full of stacked receipts, you’ll be relieved to know that our QBCC specialist accountants can help you organise these.
This will help to keep you compliant and meet all the requirements for a quick & stress-free licensing experience. At Tradies Accountant, we’re all about creating progressive and lasting relationships. If you come across QBCC problems in the future, we’ll be a call away from helping you to solve them.
The Tradies accounting team is your team of expert accountants and bookkeepers. We are highly qualified specialists who continually strive to remain above industry standards and ahead of the important changes and reporting requirements.
Tradies Accountant are proactive and always look for different ways to do things. We have changed from a family trust to a company which has made a great difference. We have also been able to save a heap on taxes and put more into our business. I would recommend them.
Fasteners Direct Pty Ltd
We cannot speak highly enough of everyone that we have spoken with at Tradies Accountants they have given excellent customer service, returned our calls and questions within 24 hours! We have made great decisions with Bryn after years of dissatisfaction with our previous accountants and changed from a family trust to a company which already in less than 12 months is making a huge difference. June has always been our dreaded month of anxiety because of news of the tax bill. This 2020 despite Covid-19, Kelly worked with us and provided reassurance, firstly with the tax planning, followed by inclusion and consultation of where we were financially. We were blown away with the tax savings we made this year! Kelly’s knowledge of what is happening in the world for Tradies meant all advice on tax planning was outstanding! Lacinda’s eagerness to help and Bryn’s quarterly reviews help us plan for retirement confidently. Highly recommend Tradies Accountant!
Julie & Rob
The transition of accounts team has been made really smooth with Bryn and his teams help. Especially Janine, we have been blown away by all her efforts and how quickly she has dived into working with our processes. It has made everything in the office a lot less stressful knowing the financials are being managed by a fantastic team
Operations Manager, RJM Builders