Building Industry Fairness Act (BIF Act) Compliance | PayTrade

Building Industry Fairness (Security of Payment) Act 2017

The Building Industry Fairness (Security of Payment) Act 2017, commonly known as the BIF Act, is Queensland legislation designed to ensure fair and timely payments in the building and construction industry.

Key Requirements

• Establishment of project trust accounts for eligible projects
• Retention trust accounts for retentions held on behalf of subcontractors
• Progress payment frameworks and adjudication processes
• Reporting and compliance obligations for head contractors

How PayTrade Helps

PayTrade automates trust account compliance, ensuring you meet all BIF Act requirements including account reconciliation, payment scheduling, and reporting to the QBCC.