Self-Certifying Category 2 (SC2)
Annual turnover of more than $200,000 but not more than $800,000 - Self-certifying Category 2 (SC2)
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. You maintain these documents as part of your usual business practices.
- Log into myQBCC
- Click my forms
- Select the self-certifying 1 and self-certifying 2 form
- Confirm your details are up-to-date
- Enter in your revenue & expenses and assets & liabilities
- No supporting documentation is required
- 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.
Need further help?
See our handy user guide for easy to read, step-by-step instructions.
Did you know you have an increased annual turnover cap as an SC2 licensee?
The new laws have given SC2 licensees the opportunity to have an increased annual turnover of up to $800,000.
SC2 licensees will need to have $46,000 in working capital. You will have at least a year (until 31 December 2020) to strengthen your business.
Do you have a Deed of Covenant and Assurance (a deed) in place?
If your turnover is between $600,001 and $800,000 and you currently rely on a Deed of Covenant and Assurance, you can continue to rely on the deed until 31 December 2019. However, to remain in the SC2 category, you should aim to have $46,000 in Net Tangible Assets (NTA) after this date. If you wish to be a category 1 licensee with a turnover limit of $800,001 you will need $46,001 NTA from 1 January 2020.
If you are not sure if you have the minimum NTA, the QBCC will work with you to help you understand and meet the requirements
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?
Watch the webinar for your category below: