Construcciones Yamaro: Queensland Government reinforces security of payment for tradies

By

The Queensland Government has extended the commencement of the remaining phases of the Project Trust Accounts (PTA) framework to strengthen security of payment for tradies, in particular for smaller contracts.

The date has been extended for eligible contracts for up to two years – between $3 and $10 million to 1 March 2025, and over $1 million to 1 October 2025.

The PTA framework is in addition to the states Minimum Financial Requirement and Retention Trust Accounts security of payment frameworks.

These frameworks are all designed to strengthen security of payments to tradies, ensure safe workplaces, and quality construction for consumers right across Queensland’s building and construction industry.

Related stories:

In recognition of the need to balance continued protections for tradies with a suitable software solution for smaller builders feeling the strain of an at-capacity industry, the Queensland Government has extended the commencement of the remaining phases of the PTA framework.

Minister for Public Works and Procurement, Mick de Brenni said Queensland is leading the charge on industry reform.

“In recognition of our commitment to full scheme operation and balancing the capacity of the industry at a challenging time, we are giving both tradies and builders certainty about the final phases of implementation,” said Minister de Brenni.

“We have always said this was not going to be a simple reform process, and that we won’t let prefect stand in the way of good – so whilst not ideal, in the current circumstances, this is the right thing to do.

“Subcontractors are especially vulnerable to payment delay or non-payment as they are at the end of the contractual supply chain.”

Minister de Brenni adds that while trust accounts have secured improved security of payment for tradies, regular evaluations show software providers haven’t kept pace with industry reform and need time to catch up.

“Larger contractors have been able to manage these challenges in house, whilst we’ve heard from smaller builders, they mostly use off-the-shelf solutions that aren’t quite there yet,” he said.

Starting now, a Steering Committee will engage a specialist to work with software providers to ensure a reasonably priced, and fit for purpose, solution is available to make compliance straight forward, especially for smaller companies.

What is a PTA?

A PTA is an account through which project payments are received and paid. A PTA is needed for all eligible construction contracts in Queensland. A separate PTA is required for each eligible contract.

Typically, a PTA is:

  • Paid into by the project owner or developer.
  • Managed by the head contractor.
  • The account from which all subcontractors are paid.
  • The account from which the head contractor pays themselves.

All other protections, including payment terms, reporting, and financial obligations (including existing Project Trust Account thresholds), will continue to require compliance and will be enforced by the building regulator.

The post Queensland Government reinforces security of payment for tradies appeared first on Inside Construction.



View Source

Comments

Post a Comment

Popular posts from this blog

Ways to Keep your Privacy in a Balcony

By
Image
An apartment has no specific space to enjoy small reunions with friends and relatives out in the open, but if you are lucky enough to have a balcony, you will have an extra space with natural light. However, there is a downside because it does not grant you any privacy. It is not a good idea to shut this space down with some walls and a small window since it will interfere with the flow of air. There are several ways to enjoy a balcony and to have some privacy while you are at it, and Construcciones Yamaro gives you some ideas to do so: 1. -  Bamboo blinds : Bamboo is an ecofriendly element so is excellent for the environment, which is ideal to give a natural touch to this area . Bamboo blinds are easy to set because this is a light and flexible material. It will give you privacy and it will create a barrier to block sunrays, thus giving freshness to the rooms. 2. -  Plants : They are a great idea if you privacy fo
Read more

More About Materials: The Concrete Brick

By
Image
Concrete Bricks Construcciones Yamaro  is a company always aware about giving information about  construction  to its customers. The company provides details and  characteristics about the materials   used in every work the company does .  More than a  construction company , Construcciones Yamaro is an ally to its customers that work together to achieve big goals. For today’s article, Construcciones Yamaro has decided to continue with the presentation of some characteristics about other construction material:  the concrete b rick . The concrete brick is a construction material whose composition is based on  the Portland cement, sand, water and other additives . Usually, it is used to substitute cast cement in the construction of walls, footings and other structures. Uses of the concrete blocks The concrete brick can be usually find in  standard size pieces  which are  rectangular of 8 x 8 x 16 inch size  (20 x 20 40 cm approximately), and typically have about 3/8 inch (a
Read more

Construcciones Yamaro: Information about Productive Maintenance

By
Image
TPM Construcctiones Yamaro , committed to the  development of the construction sector  in Venezuela, explains what is important to know about  Total Productive Maintenance  in order  to optimize all processes and achieve efficiency  of all involved aspects in the construction sector. Total Productive Maintenance or TPM is a strategy  that includes a series of activities created by the  Japan Institute for Plant Maintenance  which helps to improve the competitiveness of an industry organization or services through improved personal strategy and the teams. What are the goals of TPM? Zero accidents. Zero defects in products and services. Zero losses in all departments. TPM only considers the staff to develop strategies? Implementing TPM to your company It is not mandatory to consider only the staff; as a global strategy, analysis of efficiency of machinery, equipment, tools and systems are also considered,  identifying the possible causes that may alter its optimu
Read more