QBCC Annual Reporting Pack

What it is

Every QBCC licensee company must lodge financial information between 1 August and 31 December, and QBCC says the Category 1 to 3 report does not need an accountant. We prepare it from your accounting file, check the current ratio, net tangible assets and revenue against your category first, and lodge it, so a problem is found in October and not in a QBCC letter in February.

How we do it

We take your trial balance, profit and loss and balance sheet at 30 June (or a read-only feed), the aged debtors and creditors, the asset register and last year's report.

We test the three measures the way QBCC does: the current ratio with no rounding, net tangible assets with disallowed assets removed, revenue against your approved maximum with the 10 per cent allowance.

We prepare the statements in QBCC's format for your category and a one-page summary of the three measures and the headroom in each.

We lodge through the QBCC portal with your authority, or hand you the completed pack to lodge.

If a measure fails, or something triggers an MFR report, you get a written note of the options and MFR-ready workpapers for your qualified accountant.

Is this for you?

Clients usually call us for this when:

• You are a QBCC licensee company in Category 1 to 3, or an SC1 or SC2 company.
• Your accountant does the tax and the MFR report when needed, but the annual QBCC pack falls to you.
• Last year was late, or the ratio was closer than you liked.

What you receive, and what each gives you

• Pre-lodgement check: current ratio against 1:1 with no rounding, net tangible assets against the category floor with disallowed assets removed, revenue against the approved maximum and the 10 per cent allowanceThe three measures tested before anything is lodged.
• The annual report statements in QBCC's format for the licensee's categoryThe annual report in QBCC's format.
• A one-page summary of the three measures, the headroom in each and what would change themA one-page summary of headroom.
• Lodgement through the QBCC portal with the licensee's authority, or the completed pack for the licensee to lodgeLodgement handled.
• If a measure fails or an MFR report is triggered: a written note of the options and MFR-ready workpapers for the licensee's qualified accountantOptions and workpapers if something fails.

What changes for you

• Lodged on time, every year.
• No surprise about the ratio after the fact.
• A smaller accountant's bill if an MFR report is needed, because the work is done.

The questions it answers

• Do we pass the current ratio, net tangible assets and revenue tests this year?
• What exactly does QBCC want from a company in our category?
• Do we need an MFR report, and what would it take?

Words we use, explained

Annual reporting

The financial information every licensee company lodges with QBCC between 1 August and 31 December; the content depends on the licence category.

SC1 and SC2

The self-certifying categories for turnover up to $200,000 and $800,000; companies in these categories still report annually.

What we’ll need from you

A one-page checklist comes with the engagement letter, with a private page to upload everything. The main items:

• QBCC licence number, category and approved maximum revenue
• Read-only access to the accounting file, or the trial balance, profit and loss and balance sheet at 30 June
• Aged debtors and creditors at 30 June, with retentions and any deed of covenant identified
• Fixed asset register and any loans to or from related parties
• Last year's QBCC annual report or MFR report
• Authority to lodge on the licensee's behalf, if wanted

Not included

• Signing an MFR report, which needs a qualified accountant independent of the licensee.
• Bookkeeping, reconciliation, tax or BAS.

The technical detail

For Category 1 to 3 and SC licensee companies: the profit and loss, balance sheet, aged debtors and creditors and cash flow statement QBCC asks for each year between 1 August and 31 December, with the current ratio, net tangible assets and revenue checked against your category before anything is lodged. QBCC's annual reporting does not need to be prepared by an accountant. If the checks show an MFR report is needed, we prepare the pack for your accountant to sign.

Often paired with

QBCC Financial Reporting: QBCC Financial Reporting if you would rather the numbers were watched every month and the annual report simply happened.

Common questions