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ARTICLE · 02 APRIL 2023

Project Trust Account (PTA) rollout extended

Clifford Gouldson Lawyers
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The framework is now being rolled out over several years to give the construction industry time to adapt to the changes.

AustraliaReal Estate and Construction
Kylie Howell
Kylie Howell
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In recent news for the construction industry, the rollout of the Project Trust Account (PTA) framework has been extended.

The framework is being rolled out over several years to give the industry time to adapt to the significant changes and this extension has been announced by the Queensland Government in stated "recognition of the need to balance continued protections for tradies with a suitable software solution for smaller builders feeling the strain of an at-capacity industry".

Since 1 January 2022, PTA's are required for all eligible contracts valued at over $10 million; as well as eligible State Government and Hospital and Health Service contracts valued over $1 million.

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