Project Bank Accounts

The Queensland Government is implementing project bank accounts from the 1st of March 2018 for certain building and construction projects valued between $1 million and $10 million. This new incentive will also begin in 2019, to private sector projects that are over $1 million.

Project bank accounts, will involve the following 3 parties:

-Principal – who the building work is being carried out for under the contract

-Head Contractor – who is carrying out the building work under the contract

-Subcontractor – first-tier subcontractors who have been subcontracted by the Head Contractor to carry out the work under the contract

This is a massive change in the building industry and the intention of the change is to speed up payments for subcontractors. If you are a builder or a subcontractor you should be up to date with the latest changes. The QBCC are holding some events across Queensland with more information.  Below are 2 of the upcoming information events.

Brisbane South
Monday 10 September
4:00 pm to 5:30 pm
Fitzy’s Loganholme
Bryants Road, Loganholme

Brisbane North
Thursday 6 September
4:00 pm to 5:30 pm
Norths Leagues and Services Club
1347 Anzac Avenue, Kallangur

At Tradies Accountant, we offer specialist advice to clients in the building industry. If you need any assistance with finding information relating to project bank accounts please do not hesitate to contact us.

 

Ellen Mubwandarikwa

Ellen Mubwandarikwa