If you are holding a QBCC licence, submitting financial information is a regular and necessary task to complete. It ensures that your QBCC licence is not suspended, thus allowing your business to continue working in the industry.
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.
It is easy to lodge your financial information and other details online using myQBCC, which steps you through the process. This could be different depending on the category your business falls into.
The QBCC categories for business are:
- Self-Certifying Category 1, annual turnover up to $200,000
- Self-Certifying Category 2, annual turnover up to $800,000
- Category 1-3, annual turnover between $800,000 and $30,000,000
- Category 4-7, annual turnover over $30,000,000
In this article we’ll have a look at the requirements for the process of Self-Certifying under Category 1 and 2.
You need to have your most recent financial information close at hand. In our article How to breeze through QBCC Financial Reporting, we’ve outlined the key financial administration and management tasks you need to stay up-to-date with in order to make it easy for you when you do your self-certification online.
What you need to complete Self-Certifying Category 1 and 2 submission
- 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
If you’re interested to find out how to best set up your accounting system so you can always be sure to comply with QBCC reporting requirements contact us now for a FREE Accounting System Check.
Please Note: Many of the comments in this article are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the information’s applicability to their particular circumstances.