QBCC annual reporting nearly cost me my license because my accountant didn't know the specific requirements
posting this because I've talked to other builders in QLD who didn't know this was a thing until it was a problem for them too.
QBCC financial reporting requirements are different from standard business accounting. The minimum financial requirements, MFR, have specific calculations around net tangible assets and current ratio that a general accountant who doesn't work with builders regularly might not flag correctly. My previous accountant was competent at general business accounting. They just weren't across the building license compliance specifics.
I received correspondence from QBCC regarding the possibility of an MFR shortage. This was not their mistake because they did not notice this problem. I thought that any accountant would be able to cope with this problem without considering their experience in this field.
decided to contact Wardle Partners, who specialize in QBCC compliance work. The result was impressive because they understood which calculations were required by QBCC and how to report them properly. The matter was resolved without escalation.
For any QLD builders using an accountant who doesn't specifically mention QBCC experience, it's worth having the conversation about whether they're across the MFR requirements before your next annual report, not after.
Has anyone else had issues with QBCC reporting? Curious how common this is in the building community up here.