QBCC Compliance

Did you know that 43% of all financial reports submitted to the QBCC for licencing are either incorrect or require follow up?

This only adds to unnecessary burden on the licensee.

How Wardle Partners QBCC Accountants Help You

New QBCC Minimum Financial Requirement Regulations came into place on the 1st January 2019. The reintroduction of mandatory annual financial reporting to the QBCC is as follows:

Self-Certifying 1(SC1) to Category 3 (Up to $30 million)
There is no immediate impact. This year between July and December 2019 you will need to lodge new financial information with the QBCC. The financial information submitted must no older than four months old.

Category 4 to 7 financial licensee  (Over $30 million)
Before April 2019 you will need to provide your financial statements for the last financial year to the QBCC. The financial statements need to include:

1. Profit and loss statement,
2. Balance sheet,
3. Debtors report,
4. Creditors report,
5. Cashflow statements, and
6. ‘Balanced Scorecard’. This is a new requirement.

You will also need to lodge updated financial information by December 2019.

We often find licensees are either not aware of, or overlook the licencing regulations that require licensees to produce and review quarterly management reports to ensure they are meeting the minimum financial requirements for their licence throughout the year. This is not a new requirement.

We assist licensees with their ongoing licence requirement by performing quarterly financial reviews, providing feedback and discussion about how they are either meeting QBCC standards or not adhering to the minimum requirements. This provides our clients with peace of mind and confidence, allowing them to focus on growing their business.

Not only do our quarterly services provide you with peace of mind that you are meeting the on-going licence requirements but assurance that your annual licence renewal financial report, prepared by our experienced team and used to renew your licence, is done right the first time.

QBCC have released statistics that 43% of accountants reports submitted for licencing are either incorrect or require additional follow up. This just adds unnecessary burden on the licensee.

Right the first time!

Our team has the knowledge and experience to make sure we submit our reports in keeping with the QBCC requirements.

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