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Let’s look at the taxing of discretionary trusts; if you’re a business owner and use a discretionary trust to mitigate some of your business risk, you...

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Watch our rundown on the 2019/20 Budget

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QBCC Annual reporting coming back

From 1 January 2019 the QBCC will reintroduce annual reporting requirements for license holders. This is in answer to a number of high profile insolvencies.

·         The self-certifying licensee’s threshold will increase from $600k to $800k. However, they will need to report their Current Ratio of assets to liabilities annually.

·         Certain recreational assets will be excluded from being included in the minimum assets test.

·         If using a Deed of Covenant, the covenantor will need to provide detailed financial information as to their asset position.

·         If including related entity loans detailed information will need to be supplied to determine whether the loans are collectable.

·         New penalties will be included in the regulation for not complying with the MFR.

·         The QBCC will have greater authority to seek independent verification of an MFR Report.

 

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