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Use our 5 top tips for trust account discussions to consider your preparations ahead of the final two phases of trust accounts from 1 March and 1 October 2025.
Send your accountant a link to our Trust accounts webpages.
With high-level summaries, through to detailed step-by-step guides for trust accounting practice, you’ll find the information needed to understand the trust account framework and its requirements.
Trust accounts work by ‘quarantining’ project payments. All the money received from a principal for a project must only go into the trust account for that project, and subcontractors must only be paid from this account. Retention trust accounts keep all cash retentions separate from your main bank account.
Do you need to consider how you will adapt your strategies for working capital and cash flow to cope with these requirements?
There is work currently being done by the Department of Housing, Local Government and Planning and Public Works to clarify the trust accounting record keeping requirements with a range of software providers to bring confidence to software solutions.
It is expected software will progressively become available in the market from September 2024, with the majority of common software platforms having solutions by early 2025.
If think you will be required to open a trust account and administer a trust account ledger in the next phases of framework rollout you need to consider your software options.
If you don't have an in-house accountant you might want to consider your outsourcing options, to help you stay on top of the record-keeping and notification requirements for trust accounts.
The trust account framework has two more phases:
You can find regularly updated guidance materials and information for the framework rollout on our website at: Trust accounts.
Understand the changes to fire protection licensing requirements in Queensland.
While electrical work regulated under the Electrical Safety Act 2002 is not regulated by the QBCC, many electricians will hold a QBCC licence for other fire protection work. If you fit into this category, here is some information you may need to know.
If you are a licensed electrical mechanic seeking to hold a fire protection – electrical stream occupational – install and maintain – fire alarm systems licence, you may apply for the licence and rely on your electrical mechanic’s licence to meet the technical qualifications. Please note you do not require a QBCC licence to carry our electrical work on fire protection equipment.
Non-electricians can also apply for this occupational licence but will require a Certificate III in Fire Protection Control UEE31020 or a course the QBCC considers is at least equivalent.
Electrical mechanics may rely on their electrical mechanic licence to partly meet the technical requirements to hold a Fire protection- electrical stream– install and maintain– fire alarm systems class as either a contractor or nominee supervisor. In addition to their electrical mechanic licence, they will need to hold 15 mandatory units of competency.
Applicants who do not hold a current electrical mechanic licence must hold a Certificate III in Fire Protection Control UEE31020 (or equivalent) and 9 of the 15 units of competency.
Applicants for contractor and nominee supervisor licence types also need to meet experience, fit and proper, and managerial requirements. Applicants for contractor licences must also meet minimum financial requirements.
You can find more information about the current technical qualifications required and how to apply under fire protection – electrical – install and maintain – fire alarm systems licence class on the QBCC website.
Licensees who already hold the fire protection – electrical stream occupational – install and maintain – fire alarm systems licence, may be subject to upskilling requirements if they transitioned from a former fire class on 1 May 2021. This includes those who applied for the former class and were approved for the new class after 1 May 2021.
The upskilling requirements vary depending on whether the licensee holds an electrical mechanic licence.
Licensed electrical mechanics who already hold a fire protection – electrical stream occupational – install and maintain – fire alarm systems licence will not be required to upskill.
Licensees who do not hold an Electrical mechanic licence issued under the Electrical Safety Office are required to show that they have completed the Certificate III in fire Protection Control (UEE31011) by 1 May 2025 to satisfy their Upskilling Requirements.
Licensed electrical mechanics in either the contractor or nominee supervisor licence type, must meet the upskilling requirement by 1 May 2025. This can be met through holding a current electrical mechanic’s licence and providing the following six units of competency:
For licensees who do not hold an electrical mechanic licence and have not completed the Certificate III in Fire Protection Control (UEE31011) before 1 May 2021, the additional competency unit of Inspect and test emergency and exit lighting systems (CPPFES2026A) will be required.
It is important to note that Licensees have until 1 May 2025 to provide documentation to the QBCC that they have completed the Upskilling requirements.
If you have any questions about fire protection upskilling requirements or wish to lodge upskilling documentation, you can email them to fireupskilling@qbcc.qld.gov.au
