Trust accounts expanded to include State Government contracts over $1 million, including hospital and health services contracts
The State Government has expanded the requirement for trust accounts to include Queensland Government building and construction contracts, valued over $1 million, including hospital and health services contracts from 1 July 2021. This change also removes the $10 million contract cap.
Members who have current project bank accounts with the State Government, will be able to change to the new trust account framework for existing contracts. While new users of this system with the State Government will only be able to use the trust account framework, a phased process will continue until 1 January 2023, when full implementation is expected to be completed.
For more information, please see the QBCC website.