Your Financials Must be Lodged with QBCC by 31 December
Queensland has new laws designed to build a stronger, fairer construction industry. Annual financial reports have been introduced to check the financial strength of contractor grade licensees in Queensland. Annual reporting is mandatory and you may already have the information needed. All contractors must now lodge reports annually to the QBCC, by 31 December 2019.
When you applied for your QBCC contractor-grade licence, you satisfied QBCC that you had the required working capital. The new laws mean you must now provide financial information each year. This is ‘annual reporting’. It is different to an ‘MFR report’ (given when you first apply or make financial changes to your licence). Annual reporting is easy to do online.
If you are in the SC1 to 3 licensees categories, you will need to submit your financial information to the QBCC by 31 December 2019. If you don’t lodge you could be in breach and as a result have your QBCC licence suspended or cancelled. SC1 and SC2 licensees do not need to lodge any documents, you simply need to advise the QBCC of your key financial data by 31 December 2019 and outline the type of trading entity they are using to operate their business.
Category 1 to Category 3 Licensees (Turnover $800K to $30M) need to lodge the following documents;
- Profit& Loss Statement
- Balance Sheet
- Accounts Receivable and Accounts Payable listing
QBCC is encouraging licensees to lodge electronically via their portal, however they have acknowledged that you may also lodge by paper. Category 4 – 7 already lodged in April this year however they are also required to lodge financials by 31 December 2019.
For more information, visit the QBCC website here, or view the below guides and information sheets.