Project Bank Accounts
CCF QLD noticed that there has been confusion regarding the implementation of Project Bank Accounts (PBAs) on civil projects. As such, CCF QLD attended The Department of Housing and Public Works information session yesterday about the establishment of PBAs.
From 1st March 2018, projects tendered by the Queensland Government will use PBAs on building and construction projects valued between $1 million and $10 million. This will apply to private sector build and construction projects valued from $1 million, however will not occur before 1st March 2019.
For clarity, project bank accounts may be required when more than 50% of the contract price is for ‘building work’ as defined by the legislation. ‘Building work’ does not include: civil, engineering and infrastructure projects such as bridges, roads, tunnels and ports in addition to the construction, maintenance or repair of road, railway and tunnel infrastructure.
For more information, please click here.