QBCC Tax Lodging: The Time Is Here – Level Up Your Tax Today

qbcc tax lodging

If you own a small, medium or large building and construction business, you would have suffered through ever-shifting financial requirements and policy changes. In this choppy sea of uncertainty, you need an accounting team that has your back, rather than an average accountant that only rears their head at tax time. With QBCC tax lodging around the corner, not any accountant can assist, so get an accountant that is by your side all year long. Choose Level Up.

I have a QBCC licence, when do I need to report my financial information?

The new Minimum Financial Requirements (MFR) came into play on the 1st of January 2019. All QBCC businesses must meet new financial reporting obligations by the 31st of December 2019. The new regulations require all QBCC licence holders to meet annual financial reporting requirements.

As a business owner, you’re engaged in a 20-ball juggling act at any moment during the year. We get it. You need a 7-foot accountant team on hand to take care of your financial reporting, such as QBCC tax lodging, so that you can get back to your business.

In line with the new MFR, QBBC licenced businesses will need to report their financial information at the following times:

  • On application for a licence;
  • Where the Maximum Revenue requires adjustment for categories 1-7, Licensees within SC1 and SC2 will be necessary to provide the self-declaration form; as outlined on Financial reporting requirements for Self Certifying 1 and 2;
  • Where the Maximum Revenue requires adjustment;
  • Where the Net Tangible Asset position has decreased by more than:
    • 30% for licensees within categories SC1, SC2 and Cats 1-3;
    • 20% for licensees within categories 4-7.
  • Pursuant to an approved audit program;
  • On the expiry of the Licensee’s Professional Indemnity Insurance Policy;
  • On request by the Licensee;
  • Change of ownership of officeholders;
  • Restructure of partnership;
  • Change or withdrawal of Covenantors; or
  • At the discretion of the Commission.

Feeling a tad overwhelmed? Do you have that lurking feeling that you’ve missed something important? With QBCC tax lodging on the horizon, skip the headache, get Level Up on your team and know you’ll meet new MFR without breaking a sweat.

What does Minimum Financial Requirements mean for you?

The new MFR require QBCC to meet certain financial reporting obligations according to revenue made in the fiscal year, affecting QBCC tax lodging and annual reporting. The financial information your business is required to submit is subject to your maximum yearly revenue. Maximum revenue (MR) includes all the income you receive from work conducted in the building industry or any other source.

Keeping with changing financial requirements can leave you with very little time to lead your business. When you combine complicated jargon, with nuance idiosyncrasies of financial reporting, not just any accountant will do. You need the 7-foot Level Up team behind to reach new heights.

Are there any exemptions to the new MFR?

Yes, any of the following classes that hold professional indemnity insurance may be exempt from financial reporting requirements:

  • Building design – low rise;
  • Building design – medium rise;
  • Apartment and Building design – open;
  • Hydraulic services design;
  • Hydraulic services design, excluding design of on-site domestic wastewater management;
  • Site classifier;
  • Site classifier, excluding on-site domestic waste management; or Is a special purpose vehicle.

These are the only QBCC licensees that may be exempt from the new financial reporting requirements.

Who can provide an MFR report?

As a QBCC licensee, you must ensure a qualified accountant prepares your financial reports. The accountant must be independent of the licensee and approved by the Commission.

A person is not independent of the licensee if the person is:

  • An employee of the licensee;
  • An executive officer, investor, or shareholder of the licensee;
  • A partner in the partnership of the licensee;
  • A related entity of the licensee.

So, that’s who you don’t need, but what kind of accountant do you need?

You need a QBCC-certified accountant that’s a cut above the rest. You don’t need smoky offices or accountants that only make an appearance when they hear tax time calling. Level Up is by your side all year round to ensure your QBCC business meets the correct requirements.

Your business deserves the best, so work with the best. Don’t settle; you need a 7-foot accountant on your team. Chat to us today about what your business needs.

Who We Are

Level Up is a professional, committed and experienced 7-foot team of Brisbane accountants that is ready to lift your business to new heights. Our team provides unique, high-quality service every time. No one knows your business like you, so before we help you juggle the balls, we get to know your business. With contextualised knowledge, we develop taxation, accounting and business advisory strategy custom-fit to your business. Whether it’s QBCC tax lodging or mapping out a long-term course for your business – Level Up is the team you want.

We Know the Rules of the Game

Our team knows the ins and outs of the game, and we know how to get you the wins you need. Small or big, every win counts, so we come to play and play hard.

We know a few accountants that you’ve met in the past. Smoky offices, verbose explanations, jargon-filled proposals and well frankly, a bit boring – forget it, you don’t need to settle anymore.

Here’s what you don’t get with Level Up

  • Accountants that only come knocking at tax time;
  • The same old report every single year;
  • Vague fees leaving you perplexed.

Recognise any of these? Then, it’s time to level up your business and book a consultation today with our 7-foot team. We steer clear of conventional accounting cliches to deliver a bespoke service for your business.

Mapping out the Course of your Business

Your business is bespoke to you. So, when it comes to business advisory, we listen to you first. We can offer tailored solutions that suit the idiosyncrasies of your business. Whether it’s an architecture firm, electrician contractors or agency – we’re the experts to have on call. Protect your assets, structure your cash flow, hack your tax – we take care of it so you can get back to what you do best, running your business. Shield your business with a firm that employs patience, time and care to understand your business to determine what it needs to reach level up.

Only Settle for the Best

We don’t churn out the same token, cliched advice you could learn from a quick google. We combine our years of professional business experience to construct a tailored map for your business.

From the beginning, we invest the time you deserve so we can get acquainted with your business. Practical knowledge of your business, coupled with our ability to design a tailored solution, can gear you towards success.

We assist all kinds of medium to large scale business’ with:

  • Asset protection structuring advice;
  • Review for business purchases;
  • Business sale preparation;
  • Business start-up advice;
  • Finance applications;
  • Cost-benefit analysis;

Avoid Common Potholes

Our team knows the rules of the game; we know how to win, and what not to do. We steer you away from common potholes and leverage every business decision, whether it be taxation, business structure or cash flow, to play the long game.

Get Level Up on your team and avoid these common mistakes when structuring your business:

  • Not having an agreement between founders. It is vital to make a formal agreement with company founders – even before incorporation – so that you protect your business and your assets;
  • Not taking the right steps at each stage of your growth and process;
  • Failing to protect your intellectual property (IP) and failing to take care of your business structure;
  • Not expanding with room to move.

Want to avoid these mistakes? Then, it’s time to Level Up. Reach new heights with an accounting firm that has your back and knows how to protect your business – for the present and the future.

Tax Planning that Works for You

We know the rules of tax time, the ins and outs, every nook and cranny. We do more than a BAS or two. Having the Level Up team on your side means we’re there all year long. We don’t rear our head come tax time, then stick it back into the sand. At every step, we make sure your business is saving all it can on tax.

Don’t juggle all the balls; we work behind the scenes to make sure you don’t miss a single deduction, or deadline. Captain your ship without having to man the decks too.

Tailored Tax Advice

Crafting the right tax plan for your business takes the right accountant. One that understands how essential tax planning is when it comes to business scalability and optimising assets for meaningful ROI. That’s Level Up.

Our team has a wealth of knowledge to provide actionable guidance, smart tax strategy and insight into the shifting tax laws. Work with your accountant and receive tailored taxation advice, and we hit the money every, single time.

What does it mean to Level Up your tax planning?

  • Income tax return preparation and lodgement (companies, trusts, individuals, deceased estates);
  • Fringe benefits tax return preparation and lodgement;
  • Establishment, planning and execution of tax minimisation strategies and structures;
  • Indirect tax return preparation and lodgement (GST, PAYGW);
  • ATO disputes and penalty reduction & negation;
  • ATO audit attendance;
  • Capital gains tax planning, reduction, and calculation;
  • Business income tax and capital gains tax concessions;
  • Application for private rulings;
  • Business and investment purchase structuring for income tax minimisation;
  • Statutory minutes and reporting.

What Does It Mean To Level Up Your Accounting?

We’re not your average accounting firm. No smoky offices, no dinosaurs – throw your expectations out the window and work with a team of 7-foot accountants.

We cater to a range of services to help your business reach new heights. Here’s just a sneak peek of how we can level up your business.

Service Offered
Financial Reporting ✓
Remuneration calculation and advice ✓
Trust account reconciliation ✓
Budgeting and cash flow reports ✓
Financial and non-financial
reporting for banking covenants		 ✓
Monthly management reporting ✓
Corporate register maintenance (ASIC) ✓

Chart the course of your business with a team that wants to protect what you’ve built. For a full range of business advisory services, please book a consultation with our Level Up team.

Structure Your Business Right

We find many of our clients are poised for growth but have hit the ceiling. So, we structure your business to optimise cash flow and ensure profits are tracking beautifully in line with your vision for growth. You won’t see us once-a-blue-moon for that one meeting, then leave you high and dry when you’re billable hours run out.

Choose the right accountant for your business. Choose Level Up.

Your Accountant may be Good, but We’re Better

From business advisory to accounting and taxation, we offer tailored solutions that gear your business towards success. Don’t merely survive, thrive with the right accounting team behind to launch your business onto new heights.

It’s time to Level Up today. Don’t forget with QBCC tax lodging around the corner; you need more than your average accountant. If you’re ready to leverage your business for success, then it’s time to Level Up.