Project Trust Accounts (PTAs) are required for eligible building contracts for:
- State Government and Hospital and Health Services valued at $1 million or more (ex.GST); and
- Since 1 January 2022, for contracts in the private sector and local government contracts valued at $10 million or more (ex. GST).
On Sunday, 19 March 2023, the Queensland Government announced a 2 year extension to the timeline for the remaining phases of the PTA regime:
Revised timeline for remaining phases
A link to the press release is here, and a link to the QBCC’s useful project trust account tool that can help determine whether a project trust account may be required is here.
The revised timeline will give industry participants in general, and builders in particular, more time to prepare for the introduction of the PTA regime to smaller value projects.