Categories 1, 2 and 3
Annual turnover of more than $800,000 but not more than $30,000,000 - Categories 1, 2 and 3
Reporting was due by 31 December 2019. However, if you did not meet the deadline you must still provide your annual financial information as soon as possible. This can be done online via the myQBCC portal.
You need to lodge your financial information, even if you are concerned that you may not meet the minimum financial requirements (MFR). If you do not meet the MFR when you lodge, the QBCC will give you at least a year (until 31 December 2020) to strengthen your business.
How to lodge your annual financial information
It is easy to lodge online using myQBCC, which steps you through the process.
Have your most recent financial information close at hand. These documents you maintain as part of your usual business practices.
- Log into myQBCC
- Click my forms
- Select the Financial Categories 1-3 form
- Confirm your details are up-to-date
- Enter in your revenue & expenses, assets & liabilities and statement of cashflow details
- Upload a copy of the following supporting documentation
- Profit and loss statement
- Balance sheet
- Aged debtors and creditors report
- Statement of cashflows
- Trust financial statements (if applicable)
- Partnership financial statements (if applicable)
- Agree to the declaration and click submit
- Congratulations you are all done!
Adding a representative on myQBCC
Please note: !f you would like a third party to submit this information on your behalf, you will need to ensure they have been added as a representative and assigned the appropriate permissions in myQBCC.
See myQBCC - adding other users to your account for more information.
Here is a quick overview of the online steps
Remember, these important rules still apply:
- Don’t go over your maximum revenue amount by more than 10% without informing the QBCC
- Keep your ratio of current assets to current liabilities to at least 1:1
- Ensure you continue paying your subcontractors and suppliers.
What is my ‘most recent reporting year’?
You are required to provide financial information for your most recent reporting year. For most licensees, your most recent reporting year end would be 30 June, in line with the financial year.
Do you have both an individual and company contractor licence
Reporting was due by 31 December 2019. However, if you did not meet the deadline you must still provide your annual financial information as soon as possible. This can be done online via the myqbcc portal.
This is the case even if your individual turnover is $nil.
Need further help?
See our handy user guide for easy to read, step-by-step instructions or watch the webinar for your category below: