New South Wales Consolidated Regulations

BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT REGULATION 2008 - REG 6

6 Retention money to be held in trust account

(1) A head contractor who holds retention money is to hold the money in trust for the subcontractor from whom the money has been retained and must ensure that the money is paid into and retained in a trust account (a
"retention money trust account" ) established with an approved ADI.

: Maximum penalty--200 penalty units.

(2) A retention money trust account may be established as--

(a) a separate trust account for the retention money held in respect of a particular subcontractor, or

(b) a separate trust account for all retention money held in connection with a particular construction project of the head contractor, or

(c) a separate trust account for all retention money held in connection with 2 or more (or all) construction projects of the head contractor.