QBCC NEW MFR REQUIREMENTS - ARE YOU READY?!
You now have less than 3 months until the 31 December 2019 deadline.
SELF CERTIFYING CATEGORY 2 - (SC2)
MFR laws changed for this category on 2 April 2019, increasing the maximum revenue to $800k.
You must have at least $46k in net tangible assets (NTA)
Do not go over your maximum revenue by more than 10%
You must have a current assets to current liabilities ration of at least 1:1
SELF CERTIFYING CATEGORY 1 - (SC1)
Annual turnover of not more than $200k – SC1.
You must have at least $12k in net tangible assets (NTA)
Do not go over your maximum revenue by more than 10%
You must have a current assets to current liabilities ration of at least 1:1
CATEGORIES 1,2 AND 3 - (1-3)
Supporting documentation must be provided.
Your NTA cannot decrease more than 30% from the last advised figures to QBCC.
Do not go over your maximum revenue by more than 10%
You must have a current assets to current liabilities ration of at least 1:1
“Net Tangible Assets (NTA) = Assets – Liabilities – Intangible Assets – Disallowed Assets
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MISS THE REPORTING DEADLINE?
To miss this deadline will have serious consequences. The QBCC have made it clear they will act on license holders who do not submit their reports. You risk them suspending your license and having to pay fines.
Talk to us TODAY for more information!
This article is provided as general information only and does not consider your specific situation, objectives or needs. It does not represent accounting advice upon which any person may act. Implementation and suitability requires a detailed analysis of your specific circumstances.