20ATrust account annual report—financial year commencing 1 July 2019

#### 20A Trust account annual report—financial year commencing 1 July 2019 20A Trust account annual report—financial year commencing 1 July 2019 > > (1) A head contractor who operated a retention money trust account during the financial year commencing on 1 July 2019 must, within 6 months of the day on which this clause commences, provide the Secretary with the following in relation to the financial year— > > > > > (a) an account review report for the account, > > > > > (b) a retention money trust account statement for the account, in the form approved by the Secretary. > > > > Maximum penalty—200 penalty units. > > > (2) Subclause (1) does not apply to a head contractor if— > > > > > (a) there have been no amounts deposited into or withdrawn from the retention money trust account during the financial year, and > > > > > (b) no amount is retained in the account at the end of the financial year, and > > > > > (c) the contractor has, within 6 months of the day on which this clause commences, given the Secretary written notice of the facts mentioned in paragraphs (a) and (b). > > > (3) A fee of $1,500 must accompany an account review report and retention money trust account statement provided to the Secretary for the purposes of this clause. > > > (4) This clause does not apply to a head contractor who has— > > > > > (a) complied with clause 16 of the repealed Regulation in relation to the financial year, or > > > > > (b) otherwise complied, before the commencement of this clause, with subclauses (1) and (3) in relation to the financial year. > > > (5) A head contractor must not provide a retention money trust account statement to the Secretary for the purposes of this clause knowing the statement is false or misleading in a material particular. > > > > Maximum penalty—200 penalty units. > > > (6) In this clause— > > > > account review report, for a retention money trust account, means a report given by a registered company auditor certifying that, based on a review of the operation of the account, in the auditor’s opinion the account operator has complied with all of the requirements of Part 2 of the repealed Regulation in relation to the account during the financial year. > > > > financial year means a period of 12 months commencing on 1 July. > > > > registered company auditor has the same meaning as in the [Corporations Act 2001](http://www.legislation.gov.au/) of the Commonwealth. > > > > repealed Regulation means the [Building and Construction Industry Security of Payment Regulation 2008](/view/html/repealed/current/sl-2008-0139), as in force immediately before 1 September 2020. > > > > retention money trust account has the same meaning as in Part 2. > > **cl 20A:** Ins 2020 (714), Sch 1\[1\].