Queensland Trust Accounts Expanded
By Queensland Government, Department of Energy and Public Works
Trust accounts expanded – private sector, local government, statutory authorities’ and government-owned corporations’ contracts valued at $10 million or more
From 1 January 2022 the requirement for Trust Accounts has been expanded to eligible private sector, local government, statutory authorities’ and government-owned corporations’ contracts valued at $10 million or more.
The requirement for Trust Accounts continues to apply to Queensland Government building and construction contracts valued at $1M and over, including Hospital and Health Services.
New users will benefit from a simplified Trust Account framework. The phased commencement will continue through to 2023 (full implementation) and will minimise financial stress and maximise business readiness.
Retention trust training has also been available from 1 January 2022 for trustees and people nominated by them who administer a retention trust account. This training is provided both online and in person by Queensland Building and Construction Commission.
For more information, visit the QBCC website.
In addition to the above changes, future requirements for Trust Accounts will be updated as following:
1 July 2022 – the requirement for Trust Accounts will include private sector, local government, statutory authorities’ and government-owned corporations’ contracts valued at $3 million or more.
1 January 2023 – all eligible building and construction contracts valued at $1 million or more (full implementation) and subcontractors working on project Trust Account projects will also be required to hold cash retentions in a retention trust account.
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