Queensland Consolidated Acts

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BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 35A

Limited purposes for which money may be deposited in retention trust account

35A Limited purposes for which money may be deposited in retention trust account

(1) A trustee must not cause an amount to be deposited into the retention trust account for any purpose other than—
(a) withholding a retention amount from payment under a contract for which the trustee is the contracting party; or
(b) repaying an amount withdrawn in error.
Penalty—
Maximum penalty—200 penalty units or 1 year’s imprisonment.
(2) This section does not apply to a deposit of an amount that is interest earned on amounts held in a retention trust account.



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