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27 June 2019
The final part of the Minimum Financial Requirements (MFRs) will take effect from 1 January 2020 and will be relevant to self-certification categories (SC) 1-2 and category 1-3 licensees.
The final component of the MFR regulations is the requirement for all licensee’s to undertake Annual Financial Reporting.
While the 31 December 2019 seems a long way off, it is important to get in early and be prepared – particularly with the new financial year about to commence. We strongly recommend you start the financial year off on the right foot with the correct reporting in place, making it easier to meet the 31 December 2019 deadline.
If you miss the reporting deadline, you risk licence suspension and having to pay a fine.
What to submit
All license holders are required to submit an annual financial report.
Self-certification category 1-2 maximum revenue to $800,000
You need to declare your revenue, expenses and include a declaration of your tangible assets.
Category 1-3 licensees maximum revenue from $800,001 - $30 million
You will need to submit your revenue, expenses and a copy of your management accounts, including profit and loss statement, balance sheet, debtors and creditors report and statement of cashflow.
If you are a Category 1 – 3 Licensee, you may have to engage an accepted independent accountant to assist you in calculating your current ratio as part of your Annual Financial Report.
When to submit
With the industry traditionally experiencing extremely busy times in the lead up to the Christmas shutdown period, it’s even more vital that you act early. To be safe, we recommend you aim for submission by the end of October.
A step-by-step guide to submitting
Financial Reporting must be done via the myQBCC portal. Here’s how to submit your Annual Financial Report.
- Step 1: Create a myQBCC account.
- Step 2: Enter the required data into the myQBCC platform.
- Step 3: Upload the required documents – these will be provided by your book keeper or accountant.
- Step 4: Review and submit your report.
If you have any questions or advice, contact us.