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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 35
All retention amounts withheld must be deposited in retention trust account
35 All retention amounts withheld must be deposited in 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 deposit the retention amount withheld under the
contract in a retention trust account (the
"deposit obligation" ) as follows— (a) if the retention trust is required
under section 32 (1) —when the retention amount is withheld;
(b) if the
retention trust is required under section 32 (2) and there is an existing
retention trust account into which the retention amount may be
deposited—within 5 business days after the contract becomes a withholding
contract;
(c) if the retention trust is required under section 32 (2) and
there is no existing retention trust account into which the retention amount
may be deposited—when the retention trust account is opened.
Penalty—
Maximum penalty—200 penalty units or 2 years imprisonment.
(4) A term of
a contract is of no effect to the extent it is inconsistent with the
deposit obligation.
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