sec.20ALimited purposes for which money may be withdrawn from project trust account

### sec.20A Limited purposes for which money may be withdrawn from project trust account A trustee must not withdraw an amount from the project trust account for any purpose other than— paying a subcontractor beneficiary an amount the contracted party is liable to pay the beneficiary in connection with its subcontract; or paying the trustee, as the contracted party, an amount the contracting party is liable to pay the contracted party for contracted work but only to the extent a subcontractor beneficiary is not entitled to be paid for the same work; or returning an amount paid in error by the contracting party; or depositing a retention amount into a retention trust account; or making payment relating to the contract in accordance with an adjudication under chapter 3 , part 4 ; or making payment relating to the contract as ordered by a court; or making another payment prescribed by regulation. Maximum penalty—300 penalty units or 2 years imprisonment. A trustee must repay all amounts it withdraws in contravention of subsection (1) as soon as practicable after the trustee becomes aware the withdrawal is in contravention of that subsection. Maximum penalty—300 penalty units or 2 years imprisonment. A trustee is taken to have withdrawn an amount from the project trust account if— the trustee authorises any person to make the withdrawal; or the trustee knowingly contributes to the withdrawal being made. This section does not apply to the withdrawal of an amount for the project trust account for— an amount of interest authorised to be withdrawn under section 51D ; or an amount for fees charged by the approved financial institution for the project trust account. s 20A ins 2020 No. 24 s 63 amd 2024 No. 14 s 32 (sec.20A-ssec.1) A trustee must not withdraw an amount from the project trust account for any purpose other than— paying a subcontractor beneficiary an amount the contracted party is liable to pay the beneficiary in connection with its subcontract; or paying the trustee, as the contracted party, an amount the contracting party is liable to pay the contracted party for contracted work but only to the extent a subcontractor beneficiary is not entitled to be paid for the same work; or returning an amount paid in error by the contracting party; or depositing a retention amount into a retention trust account; or making payment relating to the contract in accordance with an adjudication under chapter 3 , part 4 ; or making payment relating to the contract as ordered by a court; or making another payment prescribed by regulation. Maximum penalty—300 penalty units or 2 years imprisonment. (sec.20A-ssec.2) A trustee must repay all amounts it withdraws in contravention of subsection (1) as soon as practicable after the trustee becomes aware the withdrawal is in contravention of that subsection. Maximum penalty—300 penalty units or 2 years imprisonment. (sec.20A-ssec.3) A trustee is taken to have withdrawn an amount from the project trust account if— the trustee authorises any person to make the withdrawal; or the trustee knowingly contributes to the withdrawal being made. (sec.20A-ssec.4) This section does not apply to the withdrawal of an amount for the project trust account for— an amount of interest authorised to be withdrawn under section 51D ; or an amount for fees charged by the approved financial institution for the project trust account. - (a) paying a subcontractor beneficiary an amount the contracted party is liable to pay the beneficiary in connection with its subcontract; or - (b) paying the trustee, as the contracted party, an amount the contracting party is liable to pay the contracted party for contracted work but only to the extent a subcontractor beneficiary is not entitled to be paid for the same work; or - (c) returning an amount paid in error by the contracting party; or - (d) depositing a retention amount into a retention trust account; or - (e) making payment relating to the contract in accordance with an adjudication under chapter 3 , part 4 ; or - (f) making payment relating to the contract as ordered by a court; or - (g) making another payment prescribed by regulation. - (a) the trustee authorises any person to make the withdrawal; or - (b) the trustee knowingly contributes to the withdrawal being made. - (a) an amount of interest authorised to be withdrawn under section 51D ; or - (b) an amount for fees charged by the approved financial institution for the project trust account.