What are NAB Queensland Project Trust Accounts?
NAB Queensland Project Trust Accounts are designed for contracting parties required to open and maintain Project Trust Accounts and Retention Trust Accounts under the Queensland Building Industry Fairness (Security of Payment) (BIFOLA) laws.
NAB Queensland Project Trust Accounts consist of:
- A Project Trust Account (PTA) for each ‘eligible contract’ for ‘project trust work’. These are amounts paid under the head contract or under a subcontract with a subcontractor beneficiary.
- A Retention Trust Account (RTA) for any retention monies held across all eligible contracts.
Important: When using NAB Queensland Project Trust Accounts, deposits and withdrawals can only be made in relation to specific payments under the relevant building contract in compliance with the BIFOLA laws.
Setting up NAB connect and user permissions
What types of users can access the account?
Users in NAB Connect include:
- General users (users who have 'view only' access)
- Security officers (usually the head contractor). The role the security user plays is outlined further below.
If you're the head contractor, you'll need to manage the project trusts in NAB Connect.
What can security officers (head contractors) do on NAB Connect?
Security officers play an important role in NAB Connect. They can:
- add or modify services, including user access
- add or modify accounts, cards and merchant facilities, including user access
- add or modify general or authorising users, including managing and approving breaches of payment limits for authorising users
- modify users contact details, primary contact person and postal address
- increase security settings including authorisation rules, segregation of duties, dual admin and transaction signing
- reset general user passwords and request replacement/reset of security devices for all users
- nominate the account to be debited for all NAB Connect and service fees and charges
- request to remove services, accounts, reports and other related items if no longer required
- access a report that includes details of all users and permissions.
Accessing account information and statements
How do I view the transaction history?
You can download a reference guide on how to view account summary and transaction history details under the Accounts tab in NAB Connect Help.
How do I export the information from ABA Files?
A general user is unable to open the ABA File within NAB Connect. However you can click Open up the Payment under Payment Register and see full details under Transaction List. You can also export the payment details into a PDF if a copy is needed.
How do I use statements online?
You can download a reference guide on how to view or print your bank statements or merchant statements under the Accounts tab in NAB Connect Help.
Get in touch
Visit our business banking contact page for how-to-guides and FAQs, as well as contact numbers.
Visit a NAB branch
Let our business banking specialists help you in person.
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