Queensland's Financial Regulations Makeover: What You Need to Know!
Exciting news in the world of Queensland's building and construction finances! As of February 16, 2024, the MFR Regulation has undergone a facelift, and we're here to give you the quick breakdown:
The Buzz: SPFS Returns for SC1, SC2, and Categories 1-3!
Good news for those in financial categories SC1, SC2, and categories 1-3 – QBCC is once again accepting Special Purpose Financial Statements (SPFS). Starting from the quarter ending December 31, 2023, you can ditch the GPFS hassle and keep it simple with SPFS.
Annual Reporting Highlights:
SC1 and SC2: No changes here! The annual reporting form remains a concise 3 pages, and no supporting documents are required. Easy peasy!
Categories 1-3: Stick to the routine – annual reporting still calls for a form and internal management accounts.
No Glam Squad Needed for Categories 4-7: GPFS Still Rules!
Contractor licensees in financial categories 4-7, don't fret! Whether it's MFR Reports or annual reporting, General Purpose Financial Statements (GPFS) are your steadfast companions.
Financial Thresholds:
In case you need a refresher the current maximum revenue threshold’s are:
Category SC1: $200,000
Category SC2: $800,000
Category 1: $3,000,000
Category 2: $12,000,000
Category 3: $30,000,000
Category 4: $60,000,000
Category 5: $120,000,000
Category 6: $240,000,000
Category 7: Greater than $240,000,000
Where to Find the Details: Curious about the nitty-gritty? Check out the full scoop on the Queensland Building and Construction Commission (Minimum Financial Requirements) Amendment Regulation 2024 here.
In a nutshell, Queensland's financial regulations have leveled up. SPFS is back for specific categories, the annual reporting runway remains unchanged for some, and GPFS is holding its ground for others. For the full scoop, dive into the amendment details, adapt your financial game accordingly, and keep rocking those spreadsheets!
Get in touch with m+h Private today on +61 3036 7174 to see how we can help deliver the best support to you and your business.
As always, the above is general in nature, please discuss with your trusted advisor.