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Operating a project bank account
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.
When using a project bank account (PBA), the head contractor needs to follow strict guidelines, and meet all legal obligations.
The principal must be given particular information about the use of the PBA from the head contractor and is required to inform the Queensland Building and Construction Commission of any non-compliance.
It's essential that head contractors understand all the rules around operating a PBA, including:
- what they can and can't do with a PBA
- notification and payment time frames
- records they need to keep
- how to make payments
- how to use the various trust accounts.
This guideline explains how head contractors can meet all their obligations when using a project bank account.