Tradie Toolbox - Building your financial success

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tradie toolbox event 2024

In a tradesperson’s busy life, financial matters can often take a backseat to the daily grind of getting the job done. However, the importance of effective financial management cannot be ignored, especially in an industry where cash flow can be as unpredictable as the weather.

Recognising this need, the Queensland Building and Construction Commission (QBCC) recently hosted a Tradie Toolbox series focused on “Building Your Financial Success” with 14 live events across Queensland, followed by an interactive webinar. 

These sessions delved into financial management, offering practical insights and actionable strategies. Tradespeople and business owners gained further knowledge to confidently manage their finances and ensure future financial stability in a way that was specifically tailored for the industry. 

Now, the invaluable knowledge shared during these events is readily accessible to all, thanks to the recorded content available on our YouTube channel. The material covers a comprehensive range of topics crucial for building financial knowledge and stability in the trades, including: 

  • The Minimum Financial Requirements (MFR) 
  • Understanding the basic components of financial statements 
  • Key financial ratios to assess financial strength, efficiency, and risk levels 
  • The role of the QBCC, Queensland's building regulator 
  • Key contributors to financial difficulty 
  • Identifying potential risks in the industry and potential mitigations 
  • Financial strategies and organisations that can provide advice and support 

The Tradie Toolbox series equips the QBCC licensees with the tools and knowledge to navigate economic uncertainties and thrive in a competitive landscape. This initiative aims to guide both industry veterans and apprentices toward financial stability and success in business. 

One seasoned industry attendee noted, “I’ve run my own business for many years, and while I feel I know pretty much everything I need to know; I still came away with some new tips from the Tradie Toolbox event.” 

The QBCC is committed to empowering tradespeople beyond traditional skill-building through our educational Tradie Toolbox series. The QBCC supports and enables a sustainable and resilient industry, upholds standards, and empowers everyone involved to make informed decisions to achieve better building and construction outcomes. The QBCC is here for you every step of the way.

Stay tuned for the next series of Tradie Toolbox events, with announcements coming later in 2024. 

 


Last reviewed: 8 Aug 2024 Last published: 8 Aug 2024
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Tradie Toolbox—Webinar

Register now to take charge of your financial freedom.

Event details
Date
11 Jun 2024
Time
04:30pm - 05:30pm
Location
Online
Cost
Free

The event will feature guest speakers from the QBCC and partner agencies, resources and in-depth discussion on popular financial topics within the industry, including:

  • key contributors that can lead to financial success
  • how to be financially fit
  • financial pathways to success
  • assessing financial strength and risk levels
  • identifying potential risks in the industry
  • guidance on financial strategies, including organisations that can counsel and support
  • QBCC’s financial requirements

Last reviewed: 23 May 2024 Last published: 23 May 2024
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MFR Regulation amendment

A return to simpler financial reporting for contractors in financial categories SC1, SC2 and 1-3.

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MFR myths

Amendments to the Minimum Financial Requirements Regulation (MFR Regulation), mean contractors in financial categories SC1, SC2, 1, 2 and 3 will again be able to submit simpler financial reporting to the QBCC as part of a MFR report.

The Australian Accounting Standards Board (AASB) amended accounting standards that impact on the Minimum Financial Requirements (MFR) Regulation in July 2021. These changes removed the ability for some for-profit entities to prepare Special Purpose Financial Statements (SPFS) to satisfy reporting requirements, including MFR reporting to the QBCC.

As a result, all QBCC licensed contractors in financial categories SC1, SC2, 1, 2 and 3, were required to prepare General Purpose Financial Statements for MFR reports, which increased costs for these licensees.

The Queensland Government listened to industry concerns about these costs and has amended the MFR Regulation to reinstate SPFS for these licensees. Contractors who are applying to change their maximum revenue to an amount covered by one of the above financial categories may also apply the new provisions.

This change applies to financial information in MFR Reports for the quarter ending 31 December 2023 onwards.

There are no changes to annual reporting requirements.


Last reviewed: 16 Feb 2024 Last published: 16 Feb 2024
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