Pivotal Homes’ Michael Irwin Not Concerned About Queensland Construction Laws
Michael Irwin (Managing Director of Pivotal Homes in Surfers Paradise) has advised he’s not concerned about the major changes being introduced to the Queensland construction industry.
Surfers Paradise, Australia – October 12, 2017 /PressCable/ —
Michael Irwin (Managing Director of Pivotal Homes in Surfers Paradise, Queensland) has advised he’s not concerned about the major changes being proposed to the Queensland construction industry. In a recent article by Holding Redlich, Troy Lewis and Stephen Burton reported that the Queensland Government had “introduced the Building Industry Fairness (Security of Payment) Bill 2017 (Bill) into Queensland Parliament.”
In the article, they highlight four key areas of focus, as quoted below:
“- to improve security of payment for subcontractors in the building and construction industry and increase ease of access to the security of payment legislation
– the creation of a framework to establish Project Bank Accounts (PBAs)
– to modernise and simplify the provisions for making a subcontractors charge
– to provide increased ability for the Queensland Building and Construction Commission (QBCC) to oversee and regulate the building and construction industry.”
According to the authors of the article, the topic of Project Bank Accounts (PBAs) forms a considerable part of the Bill. A “two phase approach” will be followed to introduce the new PBAs; the first will commence 1 January 2018, being focused on government construction projects valued at $1m to $10m. The second phase will begin 12 months later, targeting construction projects valued at more than $1 million.
Under the new Bill, the Head Contractor will have 20 days from entering into the subproject to establish the PBA, by creating three separate trust accounts – a general trust account, a retention trust account and a disputed funds trust account. If the PBA is not setup within the 20 day period, heavy penalties will apply.
As of March 2017, the average price for a home in Queensland was $655,000. This means that many new homes built in the State will not be affected by the new construction laws if they are introduced.
Pivotal Homes has been building investment properties for new and experienced property investors in Queensland since 2006. “Pivotal Homes has always been very careful to operate fully within the boundaries of all applicable laws, and we will continue to do so,” Michael Irwin said.
The full article about the new construction law can be found by clicking this link: https://www.holdingredlich.com/construction-infrastructure/a-brave-new-world-major-changes-to-the-construction-industry-announced?utm_source=Mondaq&utm_medium=syndication&utm_campaign=View-Original
Property investors interested in learning more about Pivotal Homes are invited to visit https://www.truelocal.com.au/business/pivotal-homes/surfers-paradise or the company website listed below.
Name: Michael Irwin
Organization: Pivotal Homes
Address: Level 5, 33 Elkhorn Avenue, Surfers Paradise, QLD 4217, Australia
For more information, please visit http://pivotalhomes.com.au
Release ID: 246898