QBCC Annual Reporting assistance
Annual reporting for licence categories 1-7 is due by 31 December each year. If you did not meet the deadline you must still provide your annual financial information as soon as possible.
Although the QBCC advice is that providing them with your annual financial information does not require a special visit to your accountant, if you are unsure about the information that is required to be submitted, it is best to seek some assistance or advice. A review of your financial position in advance of lodging the information requested can ensure that you are submitting full and complete particulars, provide you with an indication of whether you are meeting the minimum financial requirements (MFR) for licencing and highlight any likely issues that may arise.
Care should be taken when providing information that the QBCC will use to calculate a licensee’s:
- Current ratio
- Net tangible assets
A myQBCC account holder can authorise a “Nominated Representative”, being an individual and using the role of accountant, to submit forms on their behalf using the myQBCC website. Details regarding how to use the myQBCC website can be found at https://www.qbcc.qld.gov.au/myqbcc-how/myqbcc-register-get-started
Where the financial information for annual reporting shows that a licensee does not have enough assets:
- in categories from SC1 to Category 3, the QBCC may take action in relation to non-compliant financial information where appropriate.
- in categories 4 to 7 it is likely that the QBCC will follow up on non-compliant financial information which may result in a show cause notice as to why the licence should not be suspended.
Other financial reporting may be required at additional stages, including:
- when you apply for a new licence (Category 1 or above);
- if your Net Tangible Asset position decreases by more than 20% for Categories 4-7 licensees and 30% for all other licensees;
- if you no longer meet the minimum Current Ratio of at least 1:1;
- if your Maximum Revenue (MR) needs adjusting (you must not exceed your MR by more than 10% in each financial year);
- a significant change to your business structure; or
- if requested by the QBCC.
Should you require assistance we would welcome the opportunity to have a conversation about what we can offer. Please contact us by whatever method you prefer. We undertake to respond within one business day!
The above commentary is general in nature and does not consider personal circumstances. Please contact us should you wish to discuss matters raised above and their application to you. This firm accepts no responsibility or any form of liability from reliance upon or use of its contents without further consultation with us.
March 17, 2025/by Ross Vile
