PROJECT BANK ACCOUNTS - UPDATE

Following on from last month’s newsletter article in relation to the QBCC’s new legislation on Security of Payment, this month we will look in depth at Project Bank Accounts (PBAs). A PBA is a set of three trust accounts where funds are held in trust for head contractors and subcontractors until payments are due, as part of a building project.

Phase One of PBAs began from 1 March 2018 on State Government funded projects valued between $1 million and $10 million (including GST). Following successful implementation, PBAs will be required on all building projects with a contract value of more than $1 million (including GST) in 2019. PBAs will not apply to engineering and infrastructure projects including bridges, roads and ports, unless ‘building work’

In Business, industry update

Are you eligible for government grants?

The government is currently offering grants to help small businesses owners grow their business. These grants can be used to help fund the development and growth of your business. The funding just requires an application to the relevant body once you are satisfied you meet the criteria. There are different grants available for specific purposes. The most relevant ones for Trade businesses owners are highlighted below.

In Business, business growth strategies, industry update, New Legislation

New Legislation for Security of Payment

The Queensland Government has introduced new reforms to improve security of payment in the building and construction industry.

In Business, industry update, QBCC, New Legislation