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QBCC minimum financial requirements: annual reporting

March 11, 2019

QBCC have released further information regarding the new annual reporting requirements for all licensees. You can read some fact sheets on the QBCC website

Categories 4-7 licensees have until the end of March 2019 to supply their annual financial report to the QBCC.

Remaining licensees, those with revenue under $30 million, have until 31 December 2019 to supply their annual report.

Here are some matters HIA would bring to the attention of licensees:

  • The annual report, for categories 1-3 licensee, can be supplied by the licensee. It does not have to be completed by an accountant (Categories 4 and over need to get an accountant – see overview via the link to the QBCC website above).
  • Annual report (for category 1-3, not including self-certifiers under $800K or categories 4-7 licensee) consists of the following (these are known currently as the ‘internal management accounts’):
    • Profit and loss statement
    • Balance sheet
    • A debtors and creditors report (age listing)
    • Statement of cash flow
  • HIA would recommend to members in the licence categories of 1-3 that they get their annual report checked-off by an accountant before submitting to the QBCC. The reason for this is that if there is anything within those documents that may give QBCC a reason to suspect the licensee is not in the best of financial shape that will trigger an MFR audit.  
  • Self-certifying licensee’s (from April 2019 this will be those with a maximum revenue under $800,000) the annual report will consist of having to declare revenue and net tangible assets in the online portal. These licensees will not be required to engage an accountant.
  1. For those licensee’s applying for a licence for the first time or are increasing their maximum revenue, and are above the self-certifying threshold of $800,000 (from April 2019) then a signed MFR report prepared by your accountant and signed off as such has to be completed. You can view this information on the QBCC website
  2. If you have an accountant that submits all of your financials on your behalf there is a provision on your MyQBCC portal to give your accountant access to do this. See above links to information on the QBCC website.