Videos on project bank accounts
The Building Industry Fairness (Security of Payment) and Other Legislation Act 2020 received assent on 23 July 2020.
This Act will replace project bank accounts with a new trust account framework, delivering a more streamlined framework. Read about the new trust account framework.
The following information only applies to project bank accounts for certain government contracts tendered after 1 March 2018 up to 28 February 2021.
We have created a series of videos to help you understand how project bank accounts (PBAs) work. They also cover the roles and responsibilities of those involved in the PBA process.
Videos on this page:
- Project bank accounts overview
- When is a project bank account required?
- Post-contract award
- Setting up the project bank account - banking information
- Payment process using a project bank account
- Payment process - documentation
- Subcontractors and project bank accounts
- Subcontractor information session
Project bank accounts overview
This video introduces PBAs, with information on what they are, how they're structured, when they're needed, who's involved and how the payment process works.
When is a project bank account required?
Find out when a PBA is required, including the types of building work covered, when variations can trigger the requirement for a PBA and exemptions that apply to the PBA requirements.
Learn about key activities the head contractor must complete following the award of the contract, including establishing the PBA, engaging subcontractors and lodging the required notices and forms.
Setting up the project bank account – banking information
This video explains more about how a PBA is structured and the process for establishing a PBA, including what your financial institution needs to provide, how to arrange viewing access of the PBA for the principal, and lodging the required notices and forms.
Payment process using a project bank account
Learn about the activities, time frames and processes for the payment of subcontractors and the head contractor through a PBA, including payment process documentation.
Payment process – documentation
Learn more about the documentation required to support the payment process for PBAs, including additional information on making payments.
Subcontractors and project bank accounts
This video for subcontractors explains:
- how PBAs work
- how PBAs help secure your payments
- how you can claim payments
- what you can do when you don't get paid.
Subcontractor information session
This video is for subcontractors who couldn't attend an information session or would like to refresh their knowledge. It provides more detailed information about subcontractors and PBAs.
- Find other resources for project bank accounts.
- Last reviewed: 26 Feb 2019
- Last updated: 11 Sep 2020