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Project Bank Accounts now required for QLD Government building projects    16 Mar, 2018

Project Bank Accounts now required for Queensland Government building projects

If you are tendering for a building project by a Queensland Government Department, it’s important you understand the new laws that apply to certain Queensland building and construction industry projects from 1 March 2018.

The Building Industry Fairness (Security of Payment) Act 2017 will make Project Bank Accounts (PBAs) compulsory on projects where:

  • they are tendered after 1 March 2018
  • a State Government Department is the Principal
  • the contract price is between $1 - $10 million including GST
  • more than 50 percent of the contract price is for ‘building work’
  • the Head Contractor engages at least one Subcontractor.

If you are a Head Contractor on projects that meet these criteria, you will have new legal obligations to make all payments to subcontractors that you engage through a Project Bank Account (PBAs). PBAs are designed to improve the security of payment for subcontractors in the Queensland building industry by ensuring that payments to them are made through trust accounts managed by the head contractor.

More information about Project Bank Accounts and other changes to improve the security of payment for subcontractors can be found at the Department of Housing and Public Works’ Security of Payment website