Everything you need to know about trust account requirements under the BIF Act. PayTrade helps Queensland builders stay compliant.
The Building Industry Fairness (Security of Payment) Act 2017 sets out specific requirements for trust accounts in the Queensland construction industry.
Required for eligible Queensland Government projects valued at $1 million or more. The head contractor must establish a project trust account and ensure all project payments flow through it.
Head contractors must hold retention money in a separate trust account. This applies to all eligible projects where retentions are held.
Trust account requirements are being progressively rolled out across the Queensland construction industry, with thresholds expected to expand over time.
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