Annual reporting was due by 31 December 2019. However, 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
The QBCC has indicated that if the licensee does not meet MFR when they lodge, and their turnover is less than $30M per year, the QBCC will give them at least a year to meet the minimum financial requirements.
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.