Changes to the Project Trust Account framework in 2023
With 2023 comes yet another extension to the Project Trust Account (PTA) commencement dates in Queensland.
Background
In Queensland, under the Building Industry Fairness (Security of Payment) Act 2017, a PTA is required for all eligible construction contracts.
Prior to March 2023, the PTA commencement date for eligible contracts between $3 million and $10 million was 1 April 2023. For eligible contracts over $1 million, the PTA commencement date was 1 October 2023.
Changes
In March 2023, the Queensland Government announced a further extension to the PTA commencement dates.
For eligible contracts between $3 million and $10 million, the commencement date is now 1 March 2025. Eligible contracts include private sector contracts, local government contracts, and government-owned corporation contracts. For eligible contracts over $1 million, the commencement date is now 1 October 2025.
If you would like more information, please contact our Brisbane Construction and Infrastructure team.
Authors
Andrew Kelly | Partner | +61 7 3338 7550 | akelly@tglaw.com.au
Thomas McKillop | Special Counsel | +61 7 3338 7530 | tmckillop@tglaw.com.au
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Thomson Geer acknowledges the Traditional Custodians of Country throughout Australia and their connections to land, sea and community. We pay our respect to their Elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today.