With the recent changes to the BIF Act , effective from 1 July 2024, the trust account framework now mandates Project Trust Accounts (PTAs) for certain eligible contracts and Retention Trust Accounts (RTAs) for holding cash retentions. The responsibility for managing these accounts lies with the trustee (typically the head contractor or builder), who must ensure compliance with strict record-keeping, transaction management, and reporting requirements. The QBCC regulates this framework, and BuildTrust is designed to help both trustees and accounting firms simplify these obligations.
BuildTrust is a cloud-based, purpose-built statutory trust accounting software specifically developed to help trustees (head contractors/builders) efficiently manage PTAs and RTAs in one platform, ensuring full compliance with the BIF Act and QBCC requirements on Trust accounting.
As a product of the Myna Group, an ISO 27001:2022 company, BuildTrust builds on our expertise in statutory trust accounting, much like our TrustEasy software, which supports accounting firms in meeting all trust requirements seamlessly.
We pride ourselves on being specialists in Statutory Trust Accounting Software, utilizing advanced technologies like AI, APIs, .ABA, Open Banking and Automation to make it easy for users to stay compliant and manage trust accounts with confidence.
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