Having a QBCC Specialist in your corner will make the world of difference to your building & construction business.
Our team of QBCC specialists can remove the hassle of compliance and help you stay on track. Common issues we see such as the current ratio and net tangible assets tests can be addressed with a thorough review of your financial accounts prior to lodging, conducted by Managing Principal, James Brown, and our team of specialist QBCC accountants.
This will ensure proactive compliance, before serious issues arise. As part of our service, we offer:
Minimum Financial Requirements Report
Ensure that you stay compliant and maintain your licence with an MRF report.
Revisit your goals and your needs, and proactively resolve any current or future challenges.
Free up your time with our knowledgeable team of bookkeepers.
Create a realistic and achievable strategy for business growth.
Reduce your tax bill and protect your assets with the right investment and business structure.
Budgeting and Forecasting
Gain visibility and peace of mind with a budget and cash flow forecasts.
Things to consider…
1. Do you satisfy the current ratio?
The current ratio shows the amount of current assets of a business in relation to its current liabilities and helps determine financial sustainability. The minimum current ratio for a licensee is 1:1. i.e. at least $1 in current assets for every $1 of current liabilities.
2. What are net tangible assets?
Net Tangible Assets (NTA) is the total assets of a business, less any intangible asset. These can be things like goodwill, patents, and trademarks, less all liabilities. Your NTA will determine the maximum revenue (MR) you can earn in the coming year.
3. Can my gross maximum revenue be exceeded?
You are permitted to exceed your Maximum Revenue (MR) by up to 10 per cent without obtaining prior approval from QBCC. If you believe you will exceed your MR by more than 10 per cent, prior to doing so, you need to provide QBCC with either a new financial declaration or Minimum Financial Requirements Report. If you are planning to increase or decrease turnover over $800,000, one of our QBCC specialists and advisers will need to prepare a Minimum Financial Report for you.