Project Trust Accounts (PTAs) are required for eligible building contracts for:
On Sunday, 19 March 2023, the Queensland Government announced a 2 year extension to the timeline for the remaining phases of the PTA regime:
Revised timeline for remaining phases
|Phase||Eligible contract||Commencement date|
|Old Date||New Date|
|3||Project and retention trusts will also apply to private sector and local government building and construction contracts valued at $3 million or more (excluding GST).||1 April 2023||1 March 2025|
|4||Project and retention trusts will apply to all building and construction contracts valued at $1 million or more (excluding GST).||1 October 2023||1 October 2025|
A link to the press release is here, and a link to the QBCC’s useful project trust account tool that can help determine whether a project trust account may be required is here.
The revised timeline will give industry participants in general, and builders in particular, more time to prepare for the introduction of the PTA regime to smaller value projects.
If you need assistance navigating the requirements of the PTA regime, please contact the Gadens team.
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Jim Demack, Partner
Paul Calvert, Partner
Russell Ensbey, Special Counsel
Natalie McNeill, Solicitor