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ARTICLE · 17 FEBRUARY 2018

Update: Start date for Project Bank Accounts (PBAs) in Queensland

McCullough Robertson
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The Queensland Government has announced that Project Bank Accounts will apply to certain projects from 1 March 2018.

AustraliaReal Estate and Construction
Matt Bradbury
Matt Bradbury
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WHO SHOULD READ THIS

  • All participants in the Queensland Construction industry.

THINGS YOU NEED TO KNOW

  • The Queensland Government has announced that Project Bank Accounts will apply to certain projects in Queensland from 1 March 2018.

WHAT YOU NEED TO DO

  • Consider whether your building contract will require a Project Bank Account.

Last year, the Queensland Government passed the Building Industry Fairness (Security of Payment) Act 2017 (the BIF Act). A key feature of the BIF Act is the introduction of Project Bank Accounts (PBAs), in which funds are held on trust for contractors and first-tier subcontractors under a building contract. With the introduction of the BIF Act, penalties (including imprisonment) apply to head contractors that fail to correctly establish and administer PBAs.

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