Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 40A

40A Beneficiary to be informed of transactions affecting retention amount

(1) This section applies if a trustee—

(a) deposits a retention amount into the retention trust account; or

(b) withdraws all or part of a retention amount held in the retention trust account.

(2) Within 5 business days after making the deposit or withdrawal, the trustee must give to the contracted party from whom the retention amount was withheld a notice of the deposit or withdrawal that includes the information prescribed by regulation, unless the trustee has a reasonable excuse.

Penalty—

Maximum penalty—100 penalty units.

(3) This section does not apply to the deposit of a retention amount if the trustee has informed the contracted party of the deposit under section 23A .