If your business is involved in the building industry, then you wouldn’t be a stranger to the requirements of the Queensland Building & Construction Commissions (QBCC) annual reporting.
When you applied for your QBCC licence, you satisfied QBCC that you had the required working capital. The annual reporting requirement means you must now provide financial information each year to ensure your level of working capital is still consistent with your businesses turnover.
There are two types of QBCC Reporting. Depending on what category your business falls under, you may need to complete one or both types of reporting to remain compliant with QBCC and retain your Licence.
- All QBCC Licence holders must complete Annual Reporting each year
- Does not need to be signed off by an accountant
- Includes Financial Statements (for higher categories) and an Annual Reporting Form
- Categories 1-3 and 4-7 have two different Annual Reporting Forms
MFR (Minimum Financial Requirements)
- Required if your Maximum Revenue needs adjusting (you must not exceed your Maximum Revenue by more than 10% each financial year)
- If your Net Tangible Asset position decreases by more than 20% for Cat 4-7 or 30% for all other Licencees
- Must Be lodged by an accountant
- Clarifies the licencee’s financial position
- Not part of Annual Reporting
The annual report generally uses the information from the end of the financial year. The due date for your Annual Reporting is the 31 December 2021. So if you haven’t already started preparing this in anticipation of the looming deadline, then you need to get your skates on….you have 4 weeks to get this lodged.
Whilst it’s not a requirement to use an accountant to assist with the lodgement of your Annual Reporting information, the QBCC has made the process a minefield (especially if you operate your business through a trust). Therefore, as always, if you need assistance with meeting this upcoming deadline, please call our office for help.