Assessed trust account software solutions
The following software products are available in the market and have self-assessed capability to produce trust ledgers and reconciliation statements required under the Building Industry Fairness (Security of Payment) Act 2017 (BIF Act).
Note: these products capability and compliance under the BIF Act has not been verified by the department.
Trustees are responsible for ensuring they use the software for its intended purpose and according to the procedures of the software provider. Trustees may be subject to compliance action by the QBCC if found not to be meeting the BIF Act requirements. It is recommended trustees carefully consider which solution is best for their business and ask a software provider these questions before purchasing a software product.
Software providers
Premier Construction Software
| Product name | Premier ERP |
|---|---|
| Description of solution | Designed for the Australian construction industry, our all-in-one cloud ERP Solution unites project stakeholders by seamlessly bringing together financials, project and field management - Empowering your business to achieve operational excellence. |
| Phone | 0499 260 860 |
| info@premiercs.com | |
| Website | https://premiercs.com/au |
Myna Australia P l T/A BuildTrust
| Product name | BuildTrust |
|---|---|
| Description of solution | BuildTrust is a cloud-based trust accounting solution built by Myna Australia P L, an ISO27001 company that specialises in trust accounting software to stay compliant with trust related regulations. This API based, Xero integrated, multi tenanted and multi layered platform allows accounting firms to work on the same platform and interconnects general ledgers for both project trust and retention trust accounts. |
| Phone | (02) 9138 7878 and (07) 4277 6666 ( 24 X 7 Ai Agent) |
| support@buildtrust.com.au | |
| Website | https://buildtrust.com.au/ |
Pay Trade
| Product name | Pay Trade |
|---|---|
| Description of solution | Make construction project and trust administration and accounting easy. Our simple trust account administration software helps you to implement and administer the regulatory requirements for project and retention trust accounts. |
| Phone | (07) 3520 0359 |
| support@paytrade.app | |
| Website | https://www.paytrade.app/ |
Using payment claim apps
A range of payment claim apps and online tools are available in the market to help manage projects and payments. While these may help streamline and simplify processes, caution should be exercised when using these apps and tools to ensure you are not inadvertently affecting your rights or legal requirements.
Before agreeing to use a payment claim app or tool, it is recommended you check the:
- payment claim app or tool allows you to make a single valid payment claim for a reference date (progressively loading work progress or hours worked may not constitute a valid payment claim)
- payment claim submitted by the app or tool includes the information you are contractually required to provide
- payment claim app or tool is responding and paying within the contractual and lawful timeframes.
Not meeting these requirements may mean you forfeit your rights and protections under the BIF Act.
Note: Requiring or allowing a claimant or subcontractor to pay a premium or fee to receive payments, including to be paid early, may be unlawful under the BIF Act.
Contract parties can negotiate shorter or preferred payment terms without penalty and it is not unlawful to pay their contractors earlier than the due date (in fact it is good practice, if the money is available).
Subcontractors should seek legal advice if they are being asked or encouraged to provide a discount for early payment.