The due date for the QBCC’s new annual financial reporting requirements is fast approaching. Builders and trade contractors that hold QBCC licenses with turnover less than $30 million, need to submit their financial information no later than 31 December 2019, or risk having their license suspended.
It is important to note, even where the licensee is a Self-Declaration Category 1 or 2, so previously did not have to provide anything other than a declaration that they met the asset requirements, they now need to complete the Annual Reporting Form – Minimum Financial Requirements either in paper form or via the MyQBCC Portal. The form includes details of the previous financial year’s income (even if it is nil), as well as details of all assets and liabilities (both business and personal if an individual license is held).
We urge you, don’t leave it to the last minute. If you haven’t already had your 2019 Financial Statements prepared and/or you need some assistance navigating these changes, please get in contact with the team at GTC Financial.
To find out more on the recent changes click here.