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By: Sian Sinclair
22 Mar 2023 2 min read
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
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From 1 April 2023, private sector, government-owned corporations and local government contracts valued at $3m or more (excl. GST) become subject to the Project Trust Account (PTA) regime. The threshold further drops for these valued to $1m from 1 October 2023. Organisations impacted by the requirement to operate PTAs on each project they undertake need to prepare for the additional regulatory compliance required, as well as the cashflow implications of restricted access to progress claim receipts and subcontractor retention monies after the relevant commencement date.
