sec.23ASubcontractor beneficiary to be informed of particular withdrawals

### sec.23A Subcontractor beneficiary to be informed of particular withdrawals This section applies if— a withdrawal is made from a project trust account to make a payment to a subcontractor beneficiary; or a withdrawal is made from a project trust account to deposit an amount, withheld from payment to a subcontractor beneficiary, in a retention trust account for the benefit of the subcontractor beneficiary. Within 5 business days after making the withdrawal, the trustee for the project trust must give the subcontractor beneficiary a notice of the withdrawal that includes the information prescribed by regulation, unless the trustee has a reasonable excuse. Maximum penalty—100 penalty units. s 23A ins 2020 No. 24 s 63 (sec.23A-ssec.1) This section applies if— a withdrawal is made from a project trust account to make a payment to a subcontractor beneficiary; or a withdrawal is made from a project trust account to deposit an amount, withheld from payment to a subcontractor beneficiary, in a retention trust account for the benefit of the subcontractor beneficiary. (sec.23A-ssec.2) Within 5 business days after making the withdrawal, the trustee for the project trust must give the subcontractor beneficiary a notice of the withdrawal that includes the information prescribed by regulation, unless the trustee has a reasonable excuse. Maximum penalty—100 penalty units. - (a) a withdrawal is made from a project trust account to make a payment to a subcontractor beneficiary; or - (b) a withdrawal is made from a project trust account to deposit an amount, withheld from payment to a subcontractor beneficiary, in a retention trust account for the benefit of the subcontractor beneficiary.