«In order to avoid additional costs and delays, it is important that QCCC licensees discuss these changes with their accountant as early as possible, well in advance of filing their QCSB annual financial report or finding an accountant who can meet the requirements.» As soon as you receive a notice from the CSCQ regarding a problem with your financial reports, time starts to tick. We therefore recommend regular monitoring of QCCC ratios to ensure that issues are identified and resolved well in advance of your annual report. This is especially important if you`re worried: Yes, all companies doing construction work in Queensland must submit an annual report to the QBCC. This is a requirement for all gas builders, developers, contractors, installers and installers. If you do not submit your annual return, you may not be able to renew your licence. As of July 1, 2022, licensees required to file a PSF report will now be required to submit general purpose financial statements (GPFS) – a much more complex reporting method than special purpose financial statements, the previous standard. If your financial review process is conducted only once a year (for example, when preparing your financial statements and tax returns), opportunities to make difficult decisions, restructure financially, or adapt to changing market conditions are unlikely to be adequately managed. As an entrepreneur, you must submit important financial information, such as your gains and losses data, as well as assets and liabilities from the last reporting year, to demonstrate that you are still financially viable. You must submit your financial information by the required reporting date. The deadlines for filing the annual report each year are as follows: At SM Rosen & Co, we can help you understand and meet the CSCQ`s minimum financial requirements. Your CFP report or CFP declaration must be submitted to the CSCQ by an accountant to prove that you meet the minimum financial requirements. The annual report shall take place once a year. The information you must submit and the reporting date are different for each QCSB funding category.
How do you know which financial category you belong to? Your funding category is based on your maximum eligible income, which ranges from self-certifying Class 1 at the lower end to Class 7 at the top end. You will receive written notice from us of your annual reporting date confirming the due date. §§ 9 & 9A of the MFC Regulation only require signed financial statements of license categories 4-7) as part of the annual report. The QCSB clarified that licence categories 3 and below may continue to provide financial information from internal management accounts for annual reporting purposes only. As a QCSC licence holder, you must provide financial information to the QCSB each year in order to keep your licence. There is a lot of confusion around the financial requirements of the QCSB, so in this article we will explain your obligations and the key concepts that all licensees need to be aware of. It`s important to look at your financial situation to make sure you can meet these financial requirements. We can help you with this before we regularly enter the tax planning period before the end of the fiscal year and when we finalize your financial statements on June 30. It gives you the opportunity to identify and resolve issues well in advance of submitting your annual report.
This is especially important if you are concerned about: If you file your CSCQ annual financial report and do not meet their requirements, you expose yourself to a potential CSCQ audit. The type of financial information you must provide for annual reports is based on your financial category. That is something you name as part of the licence application process. The Minimum Financial Requirements (MFF) Regulation was introduced on 1 January 2019 to ensure that every Queensland construction contractor has a strong and financially viable business with adequate working capital. The objective of these requirements is to reduce financial failures, liquidations and bankruptcies. If you do not submit your annual return, the CSCQ may cancel your permit. Be sure to provide your information to your accountant as soon as possible so they can prepare your financial reports and ensure you meet the financial requirements. If you hold both a business licence and a sole proprietorship licence, you will need to provide annual financial information, as both inspectors are also exempt from meeting the minimum financial requirements, as both licences are issued under the Construction Act of 1975. To learn more about the CSCQ`s minimum financial requirements, please contact us at SM Rosen & Co. We can help you understand and meet your requirements so you can continue to do business in Queensland. For more information on how to file annual returns, please contact: contact us today to make an appointment with our accountants, or visit the QCSB website to learn more about their requirements. The amount of working capital required and tangible net assets depends on the nature and value of your work.