Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 31A

31A Who are the trustee and beneficiaries of a retention trust

(1) This section applies to a retention trust established for retention amounts withheld from payment under a contract (the
"retention trust contract" ).

(2) The contracting party is both the trustee and a beneficiary of the retention trust.

(3) The contracting party—

(a) becomes the trustee and a beneficiary of the retention trust when the trust is established; and

(b) ceases to be the trustee and a beneficiary of the retention trust when the trust is dissolved.

(4) The contracted party is a beneficiary of the retention trust.

(5) The contracted party—

(a) becomes a beneficiary of the retention trust when a retention amount is withheld from payment to the party under the retention trust contract; and

(b) ceases to be a beneficiary of the retention trust when paid all retention amounts it has a beneficial interest in and the trust is lawfully dissolved.

Note—

A retention amount need only be released to a contracted party when required under the relevant contract.