Information seminar: project bank accounts (PBA's) in the Private Sector
February 18, 2019
Once it commences in the private sector (date yet to be confirmed) a PBA will be required where:
- The contract is for ‘building work’; and
- The contract price is $1 million or more (inclusive of GST).
There are some important exclusions to the above. The most relevant for HIA members is that:
- A PBA is not required for a building contract if the only building work that the contract is for is residential construction work relating to less than 3 living units
- 1 living unit = single detached dwelling
- 2 living units = a duplex
- 1 living unit = a residential unit
Those Head Contractors who only construct single detached dwellings will not be affected by PBAs.
McCarthy Durie Lawyers will be running a free information session on Project Bank Accounts (PBAs) and what you need to know on Tuesday 26 March 2019 from 9am-10am at the HIA Brisbane Office in South Brisbane. Afterwards you will have an opportunity for a free legal consultation of 15 minutes. Spaces are strictly limited. To book your place please email email@example.com with you HIA membership number, best contact phone number and whether you are interested in a free legal consultation afterwards.