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Set-up and manage project trust accounts
From 1 January 2022, project trust accounts (PTAs) will for the first time be expanded to include private sector projects (as opposed to just Government projects).
The new requirements substantially change the way builders must manage and financially administer contracts for middle to large construction projects.
Our four-hour interactive workshop will help you understand when you need to set up a project trust account for a construction contract, how to set up a project trust account, and your management obligations when running a project trust account.
Learn from industry experts what you need to do and need to know to 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).
Mandatory Trust requirements for the building and construction industry were first introduced in Queensland in March 2018. These requirements are governed by the Building Industry Fairness Act (Security of payment) Act 2017 (BIF Act) and its Regulation.
Commencing 1 March 2021, changes were made to the BIF Act to support a revised trust account framework. Under the revised framework, project bank accounts (PBAs) were phased out and replaced by project trust accounts (PTAs).
From 1 January 2022, PTAs will for the first time be expanded to include private sector projects (as opposed to just Government projects). The new requirements substantially change the way builders must manage and financially administer contracts for middle to large construction projects.
Commencing 1 January 2022, PTA requirements apply as follows:
- 1 January 2022: first round of trust accounts in the private sector plus all state authorities and local governments – projects $10M or more (Ex GST)
- 1 April 2023: second round in the private sector plus all state authorities and local governments – projects $3M to $10M (Ex GST)
- 1 October 2023: trust accounts apply to all private and public projects $1M or more (Ex GST).
Our four-hour interactive workshop will help builders understand when they need to set up, and how to manage a project trust account for a construction contract.
Get the vital knowledge you need to understand the impacts of the new requirements for your business and what to do to comply with the new laws.
Our Project Trust Accounts course differs from but is complimentary to the QBCC’s mandatory Retention Trust Accounts training.
Statutory Trusts 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 Trusts – 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:
- What a Project Trust Account is
- What contracts require a Project Trust Account
- How to set-up and manage a Project Trust Account
- How to make and receive payments from a Project Trust Account
- What records and accounting requirements must be met
- How to close a Project Trust Account
- What to do if you're audited by the Queensland Building and Construction Commission (QBCC).
Full course cost:
Funded (small business) course price:^
^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||Participants must work in the building and construction industry.|
This is not a Nationally Recognised Training course.
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.
If you are not eligible for funding, choose from the below course options to book. The full price for members is $200 (Inc. GST). Check here to see if you're eligible for funding, or call us on 1300 13 60 02.
If you are not eligible for funding, choose from the below course options to book. The full price for non-members is $220 (Inc. GST). Check here to see if you're eligible for funding, or call us on 1300 13 60 02.