Reminder to Lodge Annual Report by 31 December 2019 for lower categories
Are you on track to lodging your QBCC financial information before the deadline on 31 December 2019?
Changes to the minimum financial reporting requirements began from 1 January 2019, those QBCC licence holders who previously did not have to declare their financial information will have until 31 December 2019.
|Criteria||Maximum Revenue||Net Tangible Assets||Information Required|
|Self-Category 1||< $200,000||$12,000||SC1 Declaration|
|Self-Category 2||< $800,000||$46,000||SC2 Declaration|
|Category 1||$800,001 - $3,000,000||$46,001 - $156,000||MFR Report and Signed Financial Statements|
|Category 2||$3,000,001 - $12,000,000||$156,001 - $480,000||MFR Report and Signed Financial Statements|
|Category 3||$12,000,001 - $30,000,000||$480,001 - $1,200,000||MFR Report and Signed Financial Statements|
Net Tangible Asset (NTA) = [Entity’s Assets] – [Entity’s Liabilities] – [Entity’s Intangible Assets] - [Entity's Disallowed Assets]
Tips of what to include in in NTA calculation:
- Work in Progress
- Money held in a project bank account
- Registered Motor Vehicles
- Real Estate (only your share)
- Plant & Equipment
- Mortgage owing on Properties
- Credit Card Debts
- Vehicle Financing
- Taxation Debt
If you need further information, click here to access the QBCC Guide to Financial Reporting or you can call us on 07 5413 9300.