BIF Chapter 2: Statutory Trust Accounts (STAs)

Set-up and manage Project & Retention Trust Accounts

From 1 March 2021 to 1 January 2023, Project Bank Accounts (PBAs) will be replaced by a new model called Statutory Trust Accounts (STAs).

There are significant differences between the two models – both in how they are to be managed and the reporting/audit obligations that apply.  If you are already operating a Project Bank Account when the new model commences, you can choose to transition your existing project to the new model, but it is important to understand the differences before you transition.

This four-hour interactive workshop will help builders understand how to set up and manage a Project Trust Account and a Retention Trust Account as well as how to transition to the STA model for existing projects if you choose to do so.

Learn from a Master Builders Members Legal specialist what you need to do, how to minimise paperwork and comply. Find out everything you need to know and avoid serious fines and potential jail time.

CSQ funding for small businesses now available.^
For funding information, see Course Details below or contact us (eligibility applies).

Phone 1300 13 60 02 Enquire now

Why enrol?

From 1 March 2021 to 1 January 2023, Project Bank Accounts (PBAs) will be replaced by a new model called Statutory Trust Accounts (STAs):

  • 1 March 2021 – all state government projects (current cohort) – projects between $1M and $10M (Ex GST)
  • 1 July 2021 – all state government and hospital and health services – projects $1M or over (Ex GST)
  • 1 January 2022 – first tranche of trust accounts in the private sector plus all state authorities and local governments – projects $10M or more (Ex GST)
  • 1 July 2022 – second tranche in the private sector plus all state authorities and local governments – projects $3M to $10M (Ex GST)
  • 1 January 2023 - trust accounts apply to all private and public projects $1M or more (Ex GST).

Under the Statutory Trust Account model, builders are required to operate one Project Trust Account per STA project as well as one Retention Trust Account for all of its subcontractors who are involved with an STA project (not one RTA per project).

There are significant differences between the two models – both in how they are to be managed and the reporting/audit obligations that apply.  If you are already operating a Project Bank Account when the new model commences, you can choose to transition your existing project to the new model, but it is important to understand the differences before you transition.

This four-hour interactive workshop will help builders understand how to set up and manage a Project Trust Account and a Retention Trust Account as well as how to transition to the STA model for existing projects if you choose to do so.

Course outline

Statutory Trust Accounts are different to Project Bank Accounts. The legislation has changed regarding how the accounts operate and what reporting/auditing obligations builders have, and there are significant consequences (fines and imprisonment) for non-compliance.  Under the new regime, there are two different types of Statutory Trust Accounts – Project Trust Account and Retention Trust Account. The rules for each are different and in this workshop, we’ll walk you through what you need to do to comply with the numerous obligations for each type.

In this practical workshop, you'll learn:

  • How to set-up the trust accounts
  • What notifications you need to give to the principal, the subcontractors, and the Queensland Building and Construction Commission (QBCC)
  • How deposits into the accounts are handled
  • How payments out of the accounts are handled
  • What trust account records must be kept
  • How to manage the trust accounts
  • What other obligations you have.

Course details

DurationFour hours
Delivery
  • Livestream online interactive workshops
  • Face-to-face workshop - COVID-19 social distancing and hygiene rules apply for all students of face-to-face courses.
Cost

Full course cost:

  • Members & non-members: $220 (Inc GST)

Funded course cost:

  • Members & non-members: $50 (Inc GST)^

^CSQ contributes towards the cost of this course under the small business program. Eligibility criteria applies – enrolling student must be a small business owner or employee of a building and construction business (directly involved in the administrative day-to-day running of the business). A small business is defined as less than 20 employees in the building and construction industry. Click here for more information or call 1300 136 002 to check your eligibility and to enrol.

Eligibility Candidates should be able to demonstrate a sufficient level of language, literacy and numeracy (LLN) skills. 
Participants must work in the building and construction industry.

This is not a Nationally Recognised Training course.

Upcoming dates

Choose a date and venue that suits you by choosing whether you're eligible for a fully funded option or can take advantage of our member price. Not sure which to choose or no dates that suit? Give us a call on 1300 13 60 02 for assistance or to register your interest for the next course date in your area.

Non-funded

If you are not eligible for funding, choose from the below course options to book. The full price for both members and non-members face-to-face course is $220 (Inc. GST). Check here to see if you're eligible for funding, or call us on 1300 13 60 02.

Funded

If you are eligible for funding, choose from the below course options to book. The funded price for both members and non-members is $50 (Inc. GST)^. Check here to see if you're eligible for funding, or call us on 1300 13 60 02.

^CSQ contributes towards the cost of this course under the small business program (subject to funding availability and eligibility criteria).


Terms & conditions

Please read Master Builders training and licensing policies and Student Handbook prior to enrolment.

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