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.