Changes to QBCC financial (effective from 1st January 2019) mean that licence holders in Categories 1-3 (turnover between $600,001 – $30,000,000) will need to provide reports annually about their financial position prepared under the Australian Accounting Standards including:
– a profit and loss statement;
– a debtors and creditors report; and
– a statement of cash flows.
These reports are due for submission by 31 December 2019, but in most circumstances, it will be advantageous to attend to it sooner.