You can exceed your Maximum Revenue (MR) by up to 10 per cent without obtaining prior approval from QBCC. If you are going to exceed your MR by more than 10 per cent, you must provide to QBCC either a new financial declaration or Minimum Financial Requirements Report that supports the increase. This must be done prior to exceeding the MR.
To increase or decrease turnover over $800,000, a Minimum Financial Report would need to be prepared by an accountant.
We often see this happen when a builder has another opportunity in addition to their normal work. In our case, Geoff decided to build two spec homes and do a renovation project in addition to his normal revenue.
Geoff engaged our QBCC accountants to complete and lodge a MFR report with QBCC. This ensured he was compliant with the QBCC rules which prevented any financial penalty for exceeding his normal revenue limit.
Note: These are real case studies of clients we’ve worked with, though we have changed their names to protect their privacy.
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