Self-Certifying Category 2 (SC2)
Annual turnover of more than $200,000 but not more than $800,000 - Self-certifying Category 2 (SC2)
You need to submit your annual financial information by 31 March 2021.
You will receive written notice of your annual reporting day confirming the due date. You can lodge your annual reporting online at any time from now.
We encourage you to lodge your annual financial information early to avoid the last minute rush and ensure you have plenty of time to ask questions and seek clarification if you need to.
How to lodge your annual financial information
It is easy to lodge online using myQBCC, which steps you through the process. We have prepared this brief How to lodge video specifically for SC1 and SC2 licensees. If you prefer a written guide, please check out the ‘Annual financial reporting user guide for myQBCC’. Have your most recent financial information (likely to be 30 June 2020 financial information) close at hand. You will have documents as part of your usual business practices.
Have your most recent financial information (likely to be 30 June 2020 financial information) close at hand. You will have 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: If you would like a third party to submit this information on your behalf, you will need to ensure they have been added as a nominated 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.
Not using your contractor licence?
If you have a QBCC contractor licence and don’t contract for building work, you may want to consider changing your licence type to nominee supervisor.
While a nominee supervisor licence doesn’t allow you to personally perform building work, it does allow you to supervise on behalf of other QBCC licensed contractors of the same licence class or be the nominee for a company, just as your contractor licence does.
Being the holder of a nominee supervisor licence also means you don’t have to meet minimum financial requirements (MFR) or lodge annual financial reporting.
Currently, as the holder of a contractor licence, you are required to:
- lodge your annual financial information even if you didn’t earn any revenue during the financial year
- have the required level of net tangible assets (NTA) to cover the maximum revenue (MR) limit for your licence category.
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 need to have $46,000 in working capital. Note that SC licensees cannot rely on a deed of covenant and assurance (only licensees in categories 1 – 7 may rely on a deed of covenant and assurance to meet the MFR).
Do you have both an individual and company contractor licence?
You need to submit annual financial information for both the individual contractor and the company contractor licence. This is the case even if your individual turnover is $nil.
This can be done online via the myQBCC portal.