We’re excited to announce a major milestone—BuildTrust is now officially listed by the Queensland Government as an assessed trust account software solution, making us the first in Australia along with Premier CS to achieve this recognition under the Building Industry Fairness (Security of Payment) Act 2017 (BIF Act).
Why This Matters
In recent years, legislative reforms across Australia have transformed how builders must manage project finances, particularly through the use of Project Trust Accounts (PTAs) and Retention Trust Accounts (RTAs). The BIF Act mandates strict requirements for holding, reporting, and reconciling trust monies, especially in Queensland. Failing to meet these requirements could lead to heavy fines.
Until now, builders had very few purpose-built digital solutions to meet these obligations. Most relied on workarounds, manual recordkeeping, or using general bookkeeping software like Xero or QBO or complex spreadsheets—adding risk, inefficiency, and compliance uncertainty.
That’s where BuildTrust steps in.
The First of Its Kind
BuildTrust is proud to be Australia’s first assessed trust account software to appear on the Queensland Government’s official list of compliant solutions:
This endorsement confirms that BuildTrust:
- Aligns with the financial reporting and reconciliation requirements of the BIF Act
- Enables accurate and timely processing of subcontractor payment claims by providing features to enter payment claims on time and generating .aba files for bulk payments
- Supports builders in managing both PTAs and RTAs across multiple projects
- Provides robust audit trails and bank-feed integrations for streamlined reconciliation
What Sets BuildTrust Apart
We built BuildTrust from the ground up, in collaboration with industry professionals, construction industry experts, and government officials. Our platform is:
- 🛠️ Builder-first:Designed for ease of use by head contractor and their finance teams
- 🔒 Compliant by design:Automates legislative recordkeeping, approval workflows, and .ABA file generation
- 💡 Feature-rich:With integrated payment scheduling, document management, subcontractor portals, and detailed reporting
- 📊 Scalable:Whether you’re running a single project or managing dozens, BuildTrust adapts to your needs
What This Means for Builders
Being listed as an assessed solution gives our customers and partners confidence that they are using a tool that’s not only innovative but also trusted by regulators. It also positions BuildTrust as a leader in digital trust accounting solutions in Australia’s construction sector.
As regulatory enforcement tightens and more states consider similar trust account regimes, we’re committed to staying ahead—so our clients can stay focused on building, not bookkeeping.
Thank You
This milestone wouldn’t be possible without the support of our early adopters, development partners, and the wider construction community who believed in our mission.
To our users: thank you for trusting us to help you manage trust.
Want to see BuildTrust in action?
Visit BuildTrust or get in touch via email on support@buildtrust.com.au to book a demo.
