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Trust accounts are now required for building and construction projects in Queensland.
They’re mandatory, they’re complex and they will have a significant impact to how you do business.
Do you need help understanding and implementing trust accounts?
Contact us today to help save you time, money and risk.
Trust accounts are designed to help ensure that everyone is paid for the work that they do. They’re required for eligible construction projects in QLD.
In simple terms, a trust account is separate account that quarantines and safe-guards funds that are due to be paid to someone else.
If a trust account is required, it’s mandatory, not optional, and the trustee must open and use the account correctly.
Trust accounts are required for builders, developers and subcontractors working on eligible projects. A party that opens and uses a trust account is called the trustee.
Whether you’re a trustee or a business that services the industry, there are a range of ways that we can support you.
If you’re a builder, subcontractor or developer, you’ll need to set up and maintain a trust account. We’ve got a suite of resources, training and consultation packages to help you meet and maintain compliance with the requirements.
As an accountant or auditor you may have building industry clients that need assistance with their trust accounts. Find out how we can upskill you and your team to meet your client’s trust accounting needs and obligations.
If you need to update your software solution, we can assist with clearly outlining the legislative requirements to help you determine what you need, or test and future-proof your solutions.
We’re professionals with over 5 years of experience in the building regulation field, our staff know and understand what is required under legislation and what the QBCC expect for compliance.
All of our services can be tailored to your business needs and range from general support and advice to detailed recommendations and hands on assistance.
Enhance your knowledge and understanding and provide you with the tools to effectively manage all aspects of the trust account administration process.
Assessment, consultation and detailed, practical insights to help you plan and prepare your team.
Get expert guidance you can rely on, easy to understand resources that simplify and translate legislation and hands-on software solution testing.
To line up a free 30 minute consultation or send us an email outlining your needs.