Project Trust Accounts (PTAs) are currently required for eligible contracts for:
On Saturday, 26 March 2022, the Queensland Government announced a revised timeline for the remaining phases of the project trust account regime:
|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 July 2022||1 April 2023|
|4||Project and retention trusts will apply to all building and construction contracts valued at $1 million or more (excluding GST).||1 January 2023||1 October 2023|
The QBCC has developed a useful project trust account tool to determine whether a trust account may be required.
The revised timeline gives smaller projects and builders more time to prepare for the introduction of the PTA regime but private projects that are valued at $10 million or more may still require a PTA.
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