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Project Bank Accounts Info Session

Which projects require a Project Bank Account?

For Phase 1, which commenced on 1 March 2018, Project Bank Accounts will apply to contractors and consultants where:

  1. the Queensland Government is the Principal under the contract;
  2. the contract value is between $1 million and $10 million (incl. GST);
  3. at least one subconsultant is engaged under the head contract; AND
  4. more than 50% of the contract price is for ‘building work’ (see details of ‘building work’ below).

Under the definition prescribed in the BIF Act (s8) for Project Bank Accounts, ‘building work’ includes:

  • the preparation of plans or specifications for the performance of building work;
  • work performed by architects, engineers and surveyors to the extent the work relates to other building work;
  • contract administration carried out in relation to the construction of a building designed by a person; and
  • any site work related to building work (as defined under the Act).

If a consultancy contract meets these requirements, the consultant will be required to establish a Project Bank Account and meet all the obligations of a head contractor under Chapter 2 – Project Bank Accounts – of the BIF Act.

Please note: civil, engineering and infrastructure projects such as bridges, roads and tunnels and public transport infrastructure (such as busways, roads and railways) are not ‘building work’ for PBA purposes. (Therefore, the PBA requirements also do not apply to architectural, engineering, design, planning or site work associated with these construction activities).

What is a Project Bank Account?

A Project Bank Account (PBA) is a set of three trust accounts where funds are held in trust until payments are due. If a PBA is required for a consultancy contract, all subconsultants engaged MUST be paid only from the PBA. The consultant and subconsultants are beneficiaries of the three trust accounts and, in events such as insolvency, the PBA accounts secure the progress payments, amounts in dispute and retention monies until they are due to be paid out.

 
Find out more about Project Bank Accounts (PBA) and how they impact you and your practice.
Each session is run identically. They run for approximately 2 hours. These sessions will provide an opportunity for the Government to provide some Guildines, run through scenarios and for you to ask your questions. 
These sessions are capped at 15 pax. Once the sessions are booked, please join the waiting list. 
Please note, a webinar will run on Thursday 16 August. If you are unable attend any of the sessions time above please register for our webinar here: Thursday 16 August - PBA Workshop Webinar

Location

Queensland Chapter
70 Merivale Street, Auditorium, South Brisbane, QLD 4101

Contact Details

 
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