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.
- 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
- 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.