MONTHLY TRUST ACCOUNT UPDATE – MARCH 2024
Here’s a copy of what was sent to parties that are subscribed to our monthly trust account update.
March Queensland trust account statistics
Here’s a snapshot of the information published on the QBCC Trust Account Register.
As at 31 March 2024:
- Total of 1368 trust accounts currently open
- 297 trustees (builders and developers that are managing an active trust account/s)
- 29 new PTAs and 8 RTAs opened in March.
Changes to the trust account requirements
The Amendment Bill was passed on 16 April 2024 with the changes to take effect by proclamation (likely in the next 3-4 months).
For those that missed it, the Bill makes changes to the Building Industry Fairness (Security of Payment) Act 2017 (the BIF Act) and are designed to clarify and streamline the existing trust account 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.
Further changes to be finalised
To support the BIF Act amendments, there will be changes to the Building Industry Fairness (Security of Payment) Regulation 2018 (the Regulation), where further detail will be provided about the trust account record keeping requirements and other factors.
Need further information?
Please reach out if you have any questions or feedback – or just want to talk trusts!
Thanks kindly,
Laura and the Building Trusts team
Call 0481 194 000 or email [email protected].