Trust account reviews

Trustees will no longer be required to engage an auditor to carry out an account review report due to the amendments to the Building Industry Fairness (Security of Payment) and Other Legislation Amendment Act 2024. This applies to all trustees and opened retention trust accounts from 1 July 2024.

This change will support industry transition over a longer period as they adapt to the new record keeping and software requirements.

The QBCC will continue its monitoring and auditing role in the interim.

The QBCC can give a direction for a review of a project trust account or a retention trust account in specific circumstances. In this case, the review period and timeframes for compliance will be stated in the direction.