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BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT REGULATION 2008 - REG 7
Requirements for establishment of trust account
7 Requirements for establishment of trust account
(1) A head contractor who establishes a retention money trust account must
ensure that the name of the account and the description of the account in the
records of the head contractor include the name of the head contractor and the
words "Trust Account".
(2) When establishing a retention money trust account
with an approved ADI, a head contractor must ensure that the approved ADI is
notified in writing that the account is a trust account required to be
established for the purposes of this Part.
(3) A head contractor must, within
14 days after establishing a retention money trust account, notify the
Secretary in writing of the following-- (a) the name of the approved ADI and
the branch or BSB number of the branch of the approved ADI at which the
account has been established,
(b) the name of the account,
(c) the number of
the account,
(d) the opening balance of the account.
: Maximum penalty--200
penalty units.
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