New laws (BIFOLA) 2020
The Building Industry Fairness (Security of Payment) and Other Legislation Amendment Act 2020 (BIFOLA) was made law on 23 July 2020.
The new Act includes a range of amendments across existing legislation and has been designed to:
- strengthen payment laws and protections for contractors
- streamline existing project bank accounts into a new project trust account framework to further protect payments to contractors, as well as reducing the administrative burden for head contractors
- improve standards and integrity throughout the industry
- improve consumer confidence and strengthening the certification and inspection process.
These changes support the delivery of the Queensland Building Plan and recommendations of the:
- Building Industry Fairness Reforms Implementation and Evaluation Panel Report (BIF Panel)
- Special Joint Taskforce Report
- Building Confidence Report.
For more information
Further information about the new reforms can be found on the Queensland Government’s website.