Latest Posts

Watch our rundown on the 2019/20 Budget


ScoMo Vs Bill

Whilst we’re not in the official election campaign mode yet, we all know that the inevitable election will come. Whether you wear blue...


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.


Legislation link