CHANGES TO QBCC REPORTING
ALL QBCC LICENCE HOLDERS
NEW CHANGES ARE OCCURRING
On the 31st December you will be required to begin reporting to QBCC based on your financial category.
The Majority of small business will fall onto Self- Certification Category 1 and 2 or Category 1, 2 or 3.
If your REVENUE IS
SCC1-- Up to $200000 NTA $12000
SCC2-- UP to $600000 NTA $36000
(You have to declare revenue and NTA in the online portal)
Inc. $600,000 -$3,000,000
Inc. $3,000,000 - $12,000,000
Inc. $12,000,000 - $30,000,000
(Profit & Loss Statement/ Balance Sheet / debtors & Creditors reports (age listing)
A statement of cash-flows)
NOTE- After the 31st Dec Reporting date QBCC to allocate and give licensee at least 40 business days' notice of their new annual reporting date.
NOTE- If you operate your business under a trust structure there are considerations to be made as the QBCC does not recognise assets held in the Trust as they do not have any clear ownership (protected).
Therefore, a Deed of Covenant will be required. Also the Trust must show a positive NTA value after taking into account what is acceptable & non- acceptable in NTA - This is a new requirement and needs to be address as it has complications.
My Team at Aspire Now will be contacting you to ensure we stay compliant, so be prepared. We need to ensure we meet the QBCC requirements of Solvency, NTA and liquidity.
(NTA - Net tangible Asset)
Aspire Now through its Tax Agent Partners – Acro Accounting & Advanced Accounting ensure you pay no more Tax than required in a compliant environment.
If you want to know more please do not hesitate to call the Aspire Now team on 07-38998062 for assistance.
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CLICK HERE: https://business.facebook.com/AspireNow.PtyLtd/
Mr. Carlos Rodriguez -Principal at Aspire Now
For more inquires please contact:
T: (07) 3899 8062
M: 0411 153 784