Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 34

34 Contracting party withholding retention amount must open retention trust account

(1) This section applies if, under section 32 , a retention trust is required for a retention amount withheld from payment under a contract.

(2) The contracting party must open an account for the retention trust at a financial institution before withholding the retention amount from payment.

Penalty—

Maximum penalty—500 penalty units.

(3) However, the contracting party need only establish 1 retention trust account for all retention amounts withheld by the party under any number of contracts for which it is the contracting party.