Queensland Government extends payment system for tradies
The Queensland Government has extended the commencement of the remaining phases of its Project Trust Account (PTA) framework. This recognises the need to balance continued protections for tradies with a suitable software solution for smaller builders feeling the strain of an at-capacity industry.
GALLERY
Nearly $10 billion is now protected for tradies under PTAs. The Queensland government is extending the commencement date for eligible contracts for up to two years–between $3 and $10 million to 1 March 2025 and over $1 million to 1 October 2025.
A PTA is an account through which project payments are received and paid. A PTA is needed for all eligible construction contracts in Queensland, with a separate PTA required for each eligible contract.
Typically, a PTA is:
- paid into by the project owner or developer
- managed by the head contractor
- the account from which all subcontractors are paid
- the account from which the head contractor pays themselves.
All other protections, including payment terms, reporting and financial obligations (including existing PTA thresholds), will continue to require compliance and will be enforced by the building regulator.
These frameworks are all designed to strengthen the security of payments to tradies and to ensure safe workplaces and quality construction across Queensland’s building and construction industry.
Starting now, a steering committee will engage a specialist to work with software providers to ensure a reasonably priced and fit-for-purpose solution is available to make compliance straightforward, especially for smaller companies.
Photo courtesy of Ricardo Gomez Angel on Unsplash
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