As a QBCC licence holder, you may have received a letter from the Queensland Building and Construction Commission (QBCC) notifying the licence holder of the new annual reporting requirements.
If your business annual turnover is less than $30 million, the financial information is required to be submitted with the QBCC by 31 December 2019.
Why is this happening?
The submission of financial information will help QBCC determine if the business is financially sustainable and meets QBCC licence minimum financial requirements.
What is required to be submitted?
Financial Information such as:
- Profit and Loss Statements
- Balance Sheet
- Debtors and Creditors Report
- Statement of Cashflows
Please note based on the above information submitted, QBCC will work out if you meet the minimum financial requirements applicable to your licence. The licence holder must meet a current ratio of 1:1 (total current assets / total current liabilities) and hold a minimum amount of net tangible assets required for the maximum revenue allowed under the licence held for Licence Category 1 and above.
|Financial Category||Maximum Revenue||Net Tangible Assets||Documents/Information to be Provided||First Report Due||Subsequent Report Due|
|Self-Certification Cat. 1 (SC1)||Up to $200,000||$12,000||Declare revenue and net tangible assets in the online portal||31 December 2019||QBCC to allocate and give licensee at least 40 business days’ notice|
|Self-Certification Cat. 2 (SC2)||Up to $600,000
After 1 April 2019 it will be $800,000
$46,001 after 1 Apr 2019
|Category 1||$600,001 –
|– Profit and Loss Statements
– Balance Sheet
– Debtors and Creditors Report
– Statement of Cashflows
|Category 2||$3,000,001 –
|Category 3||$12,000,001 –
How should this information be submitted?
The required information can be lodged by logging into myQBCC section on the QBCC website; however, we strongly advise to have an accountant from our team review the information being submitted so that we can ascertain that the minimum financial requirements are met.
What happens if I submit information which does not meet the minimum financial requirements?
QBCC reviews the information submitted on a case to case basis; however, failure to meet minimum financial requirements for your QBCC licence category may result in suspension and ultimately cancellation of the QBCC licence.
What should I do next?
Contact us to engage Tradies Accountant to verify your figures to establish if your trading entity complies with the minimum requirements.
Add your accountant as a Representative on your myQBCC profile so that the accountant can help you lodge or lodge on your behalf the correct financial figures – we will be able to provide the steps for this once you contact us.