We refer to our previous update outlining the Project Trust Account (PTA) legislation under the Building and Industry Fairness (Security of Payment) Act 2017 (Qld) across the building and construction industry in Queensland.
The Minister for Public Works has extended the date of implementation of phase 3 to 1 April 2023. This phase was originally set to be in force on 1 July 2022 and applied to eligible private, local government and statutory authorities building contracts over $3 million comes within the PTA requirements.
The Queensland building and construction industry has already been required to adapt to the impacts of the COVID-19 pandemic, escalation in building costs and natural disasters. The time it takes to adjust during, and recover after, such events is significant and has been recognised by the Queensland Government while taking into account the implementation of the final two stages.
This extension of time for phase 3 was decided with the intention of protecting the Queensland building and construction economy, to enable smaller contractors and operators to recover from these macroeconomic influences and also to be well informed of the project trust regime.
Phase 4, being the final phase of the rollout for projects where head contracts are over $1 million is set to be implemented on 1 October 2023.
This publication does not deal with every important topic or change in law and is not intended to be relied upon as a substitute for legal or other advice that may be relevant to the reader’s specific circumstances. If you have found this publication of interest and would like to know more or wish to obtain legal advice relevant to your circumstances, please contact one of the named individuals listed.
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