Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 215A

215A Retention amounts

(1) New section 32 applies in relation to a retention amount withheld from payment whether before or after the commencement.

(2) Subsection (3) applies if—

(a) a retention amount was withheld from payment before the commencement; and

(b) immediately before the commencement, the retention amount was not required to be deposited in a retention trust account; and

(c) on the commencement, the retention amount is required to be deposited in a retention trust account.

(3) If this subsection applies—

(a) new section 34(2)(b) applies as if a retention trust account were required to be opened within 20 business days after the commencement; and

(b) new section 35(2)(b) and (c) apply as if the retention amount were required to be deposited in a retention trust account within 20 business days after the commencement.