Trust account framework
The Building Industry Fairness (Security of Payment) Act 2017 (BIF Act) establishes a trust account framework to protect progress payment and retention amounts for industry contractors and subcontractors.
The framework was implemented in phases so industry has time to prepare for the changes.
It currently applies to:
- eligible Queensland Government contracts of $1 million or more
- private sector, local government, statutory authority and government-owned corporation contracts of $10 million or more.
In addition to trust accounts, a range of other security of payment protections are available to help people in the building and construction industry be paid for their work.
These include:
- adjudication
- payment withholding requests
- charges over property
- subcontractors’ charges
- monies-owed complaints.