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[av_heading tag=’h3′ padding=’10’ heading=’The new reporting requirements are now in place and you will be required to submit your 2019 Financial Statements and other reports to the QBCC by 31 December 2019.’ color=” style=’blockquote modern-quote modern-centered’ custom_font=” size=” subheading_active=” subheading_size=’15’ custom_class=” admin_preview_bg=” av-desktop-hide=” av-medium-hide=” av-small-hide=” av-mini-hide=” av-medium-font-size-title=” av-small-font-size-title=” av-mini-font-size-title=” av-medium-font-size=” av-small-font-size=” av-mini-font-size=”][/av_heading]
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Changes to the Minimum Financial Requirements have been implemented in two stages.
Phase 1:
- began on 1 January 2019
- re-introduced mandatory annual reporting for all licensees
- changed reporting decreases in Net Tangible Assets
- clarified how assets are to be treated.
Phase 2:
- began on 2 April 2019
- introduced higher reporting standards for category 4-7 licensees, along with the remainder of the reforms.
What does this mean?
-
It is imperative that you co-ordinate with us to complete your 2019 tax work well before this date.
Remember:
- Licensees may be required to provide additional information to substantiate deeds and related party loans;
- Increased penalties and enforcement action for licensees that do not comply with the new requirements;
- Licensees will be required to provide annual financial information.
Changes to self-certification category 2 (SC2)
- The SC2 licensee revenue limit has now increased to $800,000;
- If you have a turnover of between $600,000 and $800,000 and are relying on a deed of covenant and assurance to meet your net tangible assets (NTA) you can continue to rely on your deed until 31 December 2019;
- The minimum NTA required for the SC2 category has increased from $36,000 to $46,000 from 2 April 2019.
- You have until 31 December 2019 to submit the required self-declaration form to the QBCC that shows how you meet this requirement.
The MFR Regulation contains stronger reporting requirements requiring licensees to report significant decreases in Net Tangible Assets (NTA).
- For licence categories SC1, SC2 and Categories 1-3, the current reporting requirements will continue.
- That is, you are required to report (via a declaration for SC1 and 2 and a report for categories 1-3) where your NTA position decreases by more than 30% below your most recent QBCC accepted NTA position.
- For licence categories 4-7, there are now higher reporting standards.
- The reporting requirements (to provide an MFR Report) apply where your NTA position decreases by more than 20% below your most recent QBCC accepted NTA position.
The following table provides a summary of your annual reporting requirements.
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Source – Queensland Building & Construction Commission
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If you would like clarification on the new QBCC changes, and how these may affect you, please contact us to arrange an appointment.
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