MONTHLY TRUST ACCOUNT UPDATE – JANUARY 2024
Here’s a copy of what was sent to parties that are subscribed to our monthly trust account update.
Queensland trust account statistics
The following image is a snapshot of the information published on the QBCC Trust Account Register. As at 31 January 2024, over 1200 trust accounts are open and held by 273 different trustees.
Trust account insolvencies
The latest test case for the effectiveness of trust accounts is with St Hilliers Contracting Pty Ltd. Administrators were appointed earlier this month and at the time they had 3 active QBCC trust accounts:
- a PTA for the Kirwan Community Health Campus;
- a PTA for the Bernborough Ascot project; and
- an RTA that was opened in February 2023.
There have been two other instances in QLD where administrators have been appointed or a company has gone into liquidation where trust accounts were in place – PBS Building (QLD) Pty Ltd and GCB Constructions (QLD) Pty Ltd. The administrators of PBS Building have applied to the Supreme Court for directions regarding the trusts and time will show whether the trust accounts have improved outcomes for subcontractors.
Software development
Trustees are hindered by the complex and burdensome trust account record keeping requirements. Some software companies have made changes to support but there are still barriers to compliance and significant workarounds in place that are inefficient. Last year the Department of Energy and Public Works (the Department) started liaising with software companies to understand the barriers to the development of more effective solutions. They have continued to progress this work and are proposing to implement a voluntary software assessment framework where software products can test their software functionality against the legislative requirements later this year. Details of assessed software will be published online for trustees to refer to when considering a software package that best suits their operational needs.
New factsheets
See the following factsheets which cover common areas of confusion for trustees:
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].