QBCC ANNUAL FINANCIAL REPORTING
Rede Accountants Gold Coast, Brisbane & Byron Bay
Building Licensees must now report certain financial information, generally, on an annual basis, as well as meet minimum financial requirements to the QBCC. In particular revenue (often also known as sales, turnover or gross income) and net tangible assets must be reported annually.
Your actual reporting obligations depend on your business revenue.
ANNUAL REVENUE IS BELOW $800,000
You can self certify, in an annual declaration.
NTA’s need to range between $12,000 and $46,000 depending on your revenue level.
It is important that you are honest and genuine with your declarations. QBCC has the power to request evidence of your declarations. If they discovered your revenue was, say, $2 million and you declared $750,000, you could expect disciplinary actions.
ANNUAL REVENUE IS BETWEEN $800,000 AND $30 MILLION
You need to submit:
- Profit and Loss Statement
- Balance Sheet
- Cashflow statement
- Age listing your debtors and creditors.
- A report signed off by a qualified accountant indicating you meet certain targets.
The targets to be met include maintaining certain levels of NTA ‘s – between $46,000 and $1.2 million, depending on revenue. As well, current assets to current liabilities must be at least 1:1.
ANNUAL REVENUE EXCEEDS $30 MILLION
Please refer to Rede Accountants for more commentary.
For licensees required to report, the obligations are more demanding than in recent times. Please contact Rede Accountants for any QBCC queries you may have.