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 trust account framework commenced on 1 March 2021. 

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

You can watch our Changes to Security of Payment Laws in Queensland Webinar, read the webinar transcript, download the PowerPoint slides used in the webinar or take a look at the full list of audience questions and our answers. 

Further information about the new reforms can also be found on the Queensland Government’s website.