20A

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(a) there have been no amounts deposited into or withdrawn from the retention money trust account during the financial year, and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(a) complied with clause 16 of the repealed Regulation in relation to the financial year, or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the account, in the auditor’s opinion the account operator has complied with all of the requirements of Part 2 of the repealed Regulation in relation to the account during the financial year.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 of the Commonwealth.

repealed Regulation means the Building and Construction Industry Security of Payment Regulation 2008, as in force immediately before 1 September 2020.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].