The Building Industry Fairness (Security of Payment) Act 2017 (Qld) (BIFSOP Act) has been amended again. The amendments are wide-reaching and will affect all industry participants.
The key changes to the BIFSOP Act are as follows:
- Project Bank Accounts are now Project Trust Accounts, with new compliance obligations and penalties. However, full implementation of the regime industry-wide has been delayed again. The Queensland Government has indicated a revised stage roll out with full implementation to all eligible building contracts valued at $1 million or more being pushed out until 1 January 2023.
- Security of payment reforms, including:
These reforms were set to commence on 1 July 2020. However, this has been changed to a date to be fixed by proclamation due to COVID-19.
- Licensing reforms, including:
If you have a query about these changes or any aspect of the BIFSOP Act, make the expert move and speak to the team at Axia Litigation Lawyers today – because Every Move Matters!
Contact Axia Litigation Lawyers direct and speak with an expert today.
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