Queensland’s Project Trust Account phased rollout delayed

30 March 2022
Paul Calvert, Partner, Brisbane Jim Demack, Chairman, Brisbane Russell Ensbey, Special Counsel, Brisbane

Project Trust Accounts (PTAs) are currently required for eligible contracts for:

  • State Government and Hospital and Health Services valued at $1 million or more (ex. GST); and
  • since 1 January 2022, the requirement to have a PTA has been extended to the private sector and local government building contracts valued at $10 million or more (ex. GST).

On Saturday, 26 March 2022, the Queensland Government announced a revised timeline for the remaining phases of the project trust account regime:

Revised timeline for remaining phases

Phase Eligible contractCommencement date
Old dateNew date
3Project 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 20221 April 2023
4Project and retention trusts will apply to all building and construction contracts valued at $1 million or more (excluding GST).1 January 20231 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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Authored by:

Jim Demack, Partner
Paul Calvert, Partner
Russell Ensbey, Special Counsel
Natalie McNeill, Solicitor

This update does not constitute legal advice and should not be relied upon as such. It is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of the content.

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