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Building Industry Fairness (Security of Payment) Act 2017
sec.31What is a retention trust
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### sec.31 What is a retention trust
A retention trust is a trust—
over the following amounts—
retention amounts withheld in the form of cash under particular contracts, inclusive of any GST related to those amounts;
deposits in the retention trust account as required under this chapter; and
primarily for the benefit of the party who will be entitled to the retention amount.
s 31 amd 2018 No. 17 s 176O
sub 2020 No. 24 s 63
amd 2024 No. 14 s 36
- (a) over the following amounts— (i) retention amounts withheld in the form of cash under particular contracts, inclusive of any GST related to those amounts; (ii) deposits in the retention trust account as required under this chapter; and
- (i) retention amounts withheld in the form of cash under particular contracts, inclusive of any GST related to those amounts;
- (ii) deposits in the retention trust account as required under this chapter; and
- (b) primarily for the benefit of the party who will be entitled to the retention amount.
- (i) retention amounts withheld in the form of cash under particular contracts, inclusive of any GST related to those amounts;
- (ii) deposits in the retention trust account as required under this chapter; and