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High Court decision strengthens GST refund positions for developers
Client AlertHigh Court decision strengthens GST refund positions for developers
Client Alert
Project Trust Account commencement extended to 2025
In a welcome surprise for the in-house finance teams of many commercial builders, the Queensland Government announced this week that the expansion of Project Trust and Retention Trust Accounts, originally scheduled to take effect 1 April 2023, will be extended by three years to 2025.
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Eligible* contracts valued between $3m and $10m will now need to comply from 1 March 2025, and contracts above $1m will need to comply from 1 October 2025.
Given the resourcing shortages and economic pressure facing the industry, mid-tier builders will no doubt be relieved by the announcement.
To find out more on how the PTA and RTA regime operates in Queensland, please read our insights here.
*Eligible contracts include those where the principals are either state authorities, local governments or private sector, unless the state authority has opted in for earlier application
Authors
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Sian Sinclair Sian’s expertise draws on over 25 years’ experience in taxation, accounting and general business consulting.View Profile
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