The Queensland government has passed new Legislation requiring mandatory trusts to be set up for construction projects through which trust funds are received and paid. The trustee (typically the Builder) is responsible for setting up and administering the project trust account for the project trust.
Additionally, there are further requirements for managing Subcontractor retentions, which must also be held in trust. Comprehensive reporting is required back to the subcontractor, keeping them abreast of the balance held in trust.
Register now for our must-attend webinar, hosted by Justin Gardner and Maria Harreguy from Workbench International, featuring special guest Laura Hattin, Principal Consultant at Building Trusts. With a formidable track record of over 7 years in deploying new legislation, Laura's expertise spans the comprehensive Security of Payment Laws and the innovative Trust account framework applicable to both the QBCC and the Private Sector. Together, they'll navigate you through the latest enhancements to Workbench, aimed at ensuring your seamless alignment with the evolving trust requirements.
The Trust Account Timeline looks like this:
Commenced on 1 March 2021
Contracts $1m – $10m where the principal is the State Government.Contracts
Commenced on 1 July 2021
Expanded to include contracts $1m or more where the Principal is the State Government or Hospital and Health Services.
Commenced on 1 January 2022
Contracts $10m or more where the Principal is Private entities and individuals, Local Government or State Authorities.
For retention trust accounts, head contractors and Private Sector principals where a project trust account is required for the head contract, excluding Commonwealth, Queensland Government, State Authority and Local Government contracting parties.
As of 1 March 2025 (was to be 1 April 2023)
Applying to contracts $3m or more where the Principal is the State Government Authorities, Local Government and Private entities and individuals.
For retention trust accounts, head contractors and Private Sector principals where a project trust account is required for the head contract, excluding Commonwealth, Queensland Government, State Authority and Local Government contracting parties.
As of 1 October 2025 (was to be 1 October 2023)
Full implementation across Project Trust Accounts for all contracting parties and applying to contracts $1m or more.
For retention trust accounts, any contracting party, including principals, head contractors and any subcontractors where a project trust account is required for the head contract, excluding Commonwealth, Queensland Government, State Authority and Local Government contracting parties.
