Fully
compliant
system
coming
soon
Record and report the opening of a new project or retention trust account for a project or onboard your existing trust accounts onto Pay Trade to begin reporting and monitoring and ensure you meet your compliance responsibilities.
Record your sent and received payment applications and ensure your trust ledgers and regulator and client reporting are carried out correctly.
Follow payment schedules and record and match payments to ensure payments are made on time and your reporting and trust accounting requirements are carried out.
Let us do the hard work. Once your payment applications are onboard, payments processed and matched, we will make light work of your monthly reporting and annual audit requirements with automated trust accounting systems.
Anyone who carries out construction work or supplies related goods and services for construction work on a jobsite in Queensland needs to understand the requirements of the security of payment laws as set out in the Building Industry Fairness (Security of Payment) Act 2017 (BIF Act).
Getting Paid
On 1 March 2021, a new trust account framework commenced under the Building Industry Fairness (Security of Payment) Act 2017 with the introduction of Project Trust Account and Retention Trust Account requirements for certain projects and their administration framework.
Trust Accounts
As a principal to a trust project, you have a number of obligations under the Building Industry Fairness (Security of Payment) Act 2017 (the Act). Failure to uphold these obligations may expose you to significant penalties.
Trust Account Principals Obligations
As head contractor for eligible contracts you will become the trustee of the project trust. The trustee has special responsibilities for the administration of the project trust. These responsibilities are stipulated by law.
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If a related entity subcontract is eligible for a project trust, the subcontractor will be its trustee and must comply with all legislated project trust requirements. The related entity subcontractor will remain a beneficiary of the project trust for the head contract.
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Where a trust account is required, there are specific processes and obligations that must be met by various parties, including subcontractors (who are beneficiaries). The main responsibilities under the new trust framework lie with the trustee, who is the party responsible for managing the trust account(s).
Getting paid from a trust account
The system allows both new trusts to be onboarded to the system for new projects, but also existing trust to ensure projects part way through their cycle can also be administered via the Pay Trade system. Our onboarding and integrations team will support you every step of the way.
By tracking your contracts all via the Pay Trade system will allow the system to notify you when a project becomes eligible for project and retention trust legislation.
The trust legislation puts a significant burden on businesses to report to the regulator, the principal (client) and suppliers. The Pay Trade system makes lighter work of reporting and with delegated authority, can carry this out for you.
Follows industry recognised processes ensuring existing processes can carry on with as little disruption to the norm as possible.
Outsource your trust account administration responsibilities to Pay Trade to allow auto reporting to the regulator and your clients.
Achieving full compliance with the new project and retention trust legislation is a considerable task. Pay Trade has spent significant time and resource creating a system that ensures you are provided with the tools to achieve full compliance.
Integrate your existing payment application and payment systems to Pay Trade to minimise double data entry to achieve project and retention trust administration compliance.
The legislation requires businesses to reconcile their trust records monthly and to provide an annual audit for retention trust accounts along with ad hoc regulatory requested project trust account audits. The Pay Trade system automates much of the reporting work to submit to the regulator and to your appointed auditor.
Our mission is to make construction trust administration and compliance for all parties to the construction industry simple. Speak to our team to get the most out of your integration. We can help you integrate your existing payment application and processes into the required project trust and retention trust accounts to remain compliant with the latest regulations and laws.