MONTHLY TRUST ACCOUNT UPDATE – FEBRUARY 2024
Here’s a copy of what was sent to parties that are subscribed to our monthly trust account update.
February Queensland trust account statistics
Here’s a snapshot of the information published on the QBCC Trust Account Register.
As at 29 February 2024:
- Total of 1332 trust accounts currently open
- 283 trustees (builders and developers that are managing an active trust account/s)
- 28 new PTAs and 8 RTAs opened in February.
Amendment Bill introduced in Parliament
On the 14th of February the Building Industry Fairness (Security of Payment) and Other Legislation Amendment Bill 2024 was introduced to Parliament which proposes amendments to the trust account requirements. The amendments are seeking to clarify and streamline the existing processes, including:
- Who is to be paid from a PTA
- What records must be kept for each account
- Who can carry out a trust account review
- How GST is to be dealt with in relation to the RTA
- Clarify eligibility requirements for a trust when there is a contract amendment.
The Bill has been referred to a Government Committee for consideration and response so it will be at least 3 months before the changes may take effect.
Building Trusts supports all changes proposed in the Bill as they would make compliance with the requirements simpler and easier and would reduce confusion and frustration experienced by industry.
More information on the Bill and proposed changes is on the QLD Parliament website.
Need further information?
Please reach out if you have any questions or feedback – we’re happy to help where we can!
Thanks kindly,
Laura and the Building Trusts team
Call 0481 194 000 or email [email protected].