If you need more information on Annual Reporting, please find the QBCC’s Guide to Annual Financial Reporting here. Licensees with a QBCC-approved turnover of less than $30 million still need to lodge their information by 31 December 2019, but will have at least a year to strengthen the financial health of their business in line with the new laws. In recent times there has been significant changes to the obligations on Licensees under the Queensland Building and Construction Commission (QBCC) due to the introduction of the Building Industry Fairness (BIF) Act. revert the pay run, make your required QBCC Licence Requirements – What You Need to Prepare, https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Support_for_business_investment.pdf, https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Assistance_for_businesses.pdf, https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Assistance_for_households.pdf, https://treasury.gov.au/sites/default/files/2020-03/Fact_sheet-Assistance_for_regions.pdf, 2019 Tax Planning + How a Coalition Federal Election win will affect you, Big Tax Law Changes - No tax deductions if you don't meet your tax obligations, Having decreased your Net Tangible Assets position by more than 20% or 30% (depending on your licence category), Having breached your Maximum Allowable Turnover by more than 10%, No longer meeting the minimum Current Ratio of at least $1 in current assets for each $1 of current liabilities, Be independent of you as the licensee (not your immediate family member, employee, executive officer, investor, shareholder, or partner), Meet the requirements of a qualified accountant outlined in the ASIC Corporations (Qualified Accountant) Instrument, or, Hold a current public practising certificate from the Association of Taxation and Management Accountants or National Tax and Accountants Association, Certified Practicing Accountants or Chartered Accountants Australia & New Zealand, Have provided false or misleading information to a licensed contractor or the QBCC, Did not comply with a requirement in a previous exclusion notice. It is important that you lodge your financial information by 31 December 2019 even if you are concerned you do not have the target working capital for your business 2. claim a deduction if you don't withhold any PAYG tax or report the PAYG tax to Are you ready? As of 2020, you may be eligible to nominate a different annual reporting due date. either in a Business Activity Statement (BAS) or a Single Touch Payroll (STP) employee’s name and tax file number (TFN), ordinary can be made any time up until the ATO tells you they are commencing a review or For details see Minimum Financial Requirements. Annual reporting informationdoes not need to be prepared by a qualified accountant (i.e. changes, post and file, or. If you sort your tax return and lodge as soon as possible, there might still be a chance that ATO will waive the penalty. If you are not currently using your license you will still be required to provide your financial information to QBCC annually. withhold The introduction of annual financial reports is to evaluate the financial strength of contractor grade licenses in Queensland. us. mistake in time for your next pay run. Ltd. is a CPA Practice, Liability limited by a scheme approved under Professional Standards Legislation*. – provide additional and more detailed financial information (higher revenue licensees). other compliance activity. a member of CA ANZ, CPA Australia or the Institute of Public Accountants Australia), and can be based on your most recent reporting or financial year information. QBCC minimum financial requirements: annual reporting. The fields marked with an asterisk (*) are mandatory so we can identify you and create an account. Find out the requirements you need depending on your licence type. 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