Read on to catch up on the latest PTA news and a Jobpac PTA product status update.
The big PTA news out in recent weeks was the QLD government’s decision to delay the tightening of qualification for projects. The government is extending the PTA commencement date for eligible contracts between $3 and $10 million to 1 March 2025, and over $1 million to 1 October 2025. This will certainly take some pressure off and enable us to deliver more compliance productivity tools in this area over the 24-month timeframe.
We met yesterday with the QBCC and Deloitte, who have been helping the QBCC with industry readiness checks, and this gave us a chance to express to them the challenges we, and our customers, face with compliance. Pleasingly the QBCC noted that Jobpac Connect was very advanced in its PTA offering when compared to other software in the market, also noting that many products are simply not offering a solution. It is also nice to see some of our customers beginning to pass their QBCC audits using the Jobpac solution. We are not quite there yet, with further report hardening, process tuning, and automation to come, but we are getting close, and on a great trajectory with our PTA Roadmap progression.
The QBCC also acknowledged that they need to clarify industry questions around the dates of beneficial interest on the PTA ledger and RTA ledger but could not offer any written clarification now, without first updating legislation. So we can expect there to be more changes to come from the QBCC in this area over the next 12 months or so after they have had a chance to consult with the broader industry. The QBCC were however able to confirm that Jobpac’s approach was in line with the intent of the legislation and they were happy with it at this stage. We have follow-up meetings planned with the QBCC to review our reports.
It is also worth noting that although much of the discussion currently is around QLD compliance, all of the features we are building, we are building with an ANZ mindset, with the goal of satisfying current and future legislation around Project Trust Accounting for all states, territories, and NZ. We also expect the benefits of new PTA features to bleed over into more streamlined Payment Processes and Treasury Management processes regardless of your GEO or compliance requirements.
cheers
Andrew
