Prepare for 2025: How MYOB Acumatica Can Help You Navigate New Trust Account Requirements
At Tonic Technologies, we understand that staying ahead of regulatory changes in the construction industry can be challenging, but it is crucial to maintaining smooth operations. With the Queensland Building and Construction Commission (QBCC) set to introduce the next phase of Trust Account requirements from 1st March 2025, it’s important for businesses in the construction industry to ensure they are fully prepared.
From that date on the contract value threshold for private sector projects comes down to $3m, which means that more businesses will be required to comply with the requirements for Trust Accounts.
What are Trust Accounts?
Project Trust Accounts (PTA).
A PTA is an account through which project payments are received from the client and paid to subcontractors. A PTA is needed for all eligible construction contracts in Queensland. A separate PTA is required for each eligible contract.
Retention Trust Accounts (RTA).
An RTA is an account where cash retentions that are withheld from payment on PTA projects are kept until they are due to be paid.
These requirements help safeguard subcontractor payments and retention amounts and improve transparency and trust around payments in the construction industry. Failure to comply with QBCC trust account requirements can result in fines, loss of licence, or other penalties.
MYOB Acumatica Construction Edition is specifically designed to streamline construction accounting processes and simplify compliance with Trust Account regulations. Here’s how our solution can help:
Automate Trust Account Data Entry: MYOB Acumatica Construction Edition automates the input of data across separate projects and retention trust ledgers, reducing manual effort and the risk of errors.
Simplify Trust Reconciliation: Say goodbye to complex and time-consuming trust reconciliations. Our software eliminates the need for manual processes, making it easier to manage your accounts and stay compliant.
Easily Set Up Projects and Subcontractors: Our system simplifies the setup of construction projects and subcontractor management, ensuring you can get started quickly and maintain clear, organized records.
Access Real-Time Data: Stay on top of your trust accounts with easy access to real-time data and predefined reports. This ensures you are always up-to-date on your compliance status.
Set Business Notifications: MYOB Acumatica Construction Edition allows you to create business notifications to ensure you don’t miss critical compliance deadlines.
Secure Repository for Trust Transactions: Safeguard your financial transactions with a secure, centralized repository that maintains the integrity of your trust account data.
Tonic Technologies are also very pleased to be working with Laura Hattin, Principal Consultant at Building Trusts, who brings a wealth of expertise in construction trust account requirements. Through this partnership, we’ll be able to provide you with even deeper insights into the new regulations and offer practical guidance on how MYOB Acumatica Construction Edition can help you navigate the changes.
In early 2025, we will be hosting our first joint online session with Laura, where you can hear directly from her about the QBCC trust requirements and how they will affect your business. This will be an invaluable opportunity to ask questions and gain a deeper understanding of how to stay compliant.
Whether you're an existing MYOB Acumatica Construction user or a construction business looking to explore solutions for Trust Account compliance, this session is designed for you. Stay tuned for event details!
At Tonic Technologies, we’re here to help you prepare for the next phase of Trust Account requirements and ensure your business stays on track. We’re committed to offering the best solutions, insights, and support as you navigate these changes in the construction industry.
Stay tuned for more updates and don’t hesitate to contact us if you need assistance in preparing your business for the upcoming changes!