An infographic example is a visual representation of information. Hence the title Statutory Trusts in pictures.
In many of my articles, I rely on infographics to break down complex information by the use of pictures.
In my view, the Building Industry Fairness (Security of Payment) Act 2017 (BIFA) which gives effect to the current trusts regime in Queensland is very difficult for non-lawyers like me and you to understand. I note it is described in the relevant Explanatory Notes as “Complex legislative schemes, such as this one”.
I passionately believe in using infographics to assist industry participants to gain a rapid and basic level of knowledge on any legislation that will impact them. ‘A picture is worth a thousand words’. The truth of the matter is that I could not come up with an infographic to save myself!!
Fortunately, our most recently admitted lawyer, Emily Taylor has a special knack for taking words and turning them into infographics. Using the below 14 infographics, Emily outlines Statutory Trusts in pictures and in doing so, conveys the most significant Trusts requirements.
We want to show you that explaining Statutory Trusts in pictures is just as effective as writing a whole article on them.
Statutory Trusts in pictures
Using the below 14 infographics, Emily outlines Statutory Trusts in pictures and the most significant Trusts requirements.
Final thoughts.
There are many obligations to comply with under the BIFA. Head contractors will need to adjust their processes and procedures so they don’t become liable for significant penalties.
I have written many articles on trusts but in the two below I have attempted to keep things simple.
- Project Trusts in the construction industry – The KISS Method
- When is a Project Trust required? – The KISS Method Part 2
Like most contractors, I am not a lawyer. Also, I suspect that like most contractors, given the choice at the end of a long day to either read a detailed update on a complex piece of industry legislation or to relax with a drink of your choice while watching your favourite Netflix show, I think we know what the most popular answer will be !!!!
Consequently, I believe it is very important to present information to contractors in simple, incremental ‘bite-size pieces’. This is when the power of infographics kicks in as a really valuable learning tool.
A contractor appreciating the high-level significance of one of the infographics in this article and making a mental note to find out more information at a later time is my goal. We achieve the purpose of writing this article featuring Emily’s powerful infographics if we reach that goal.
If you have questions about Statutory Trusts, please reach out to our Helix Compliance team.
Not intended as legal advice. Read full disclaimer.
