Queensland Consolidated Acts

BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 57C

57C Reporting serious breaches

(1) This section applies to an auditor who carries out a review of a trust account for a project trust or retention trust if the auditor finds that—

(a) both of the following apply—

(i) the trustee of the trust wilfully contravened a chapter 2 requirement in relation to the trust account;

(ii) the contravention caused, or is likely to cause, financial loss to a beneficiary of the trust; or

(b) the trustee of the trust has repeatedly failed to comply with 1 or more chapter 2 requirements in relation to the trust account; or

(c) the trustee of the trust has contravened this Act in a way prescribed by regulation.

(2) The auditor must, using an approved way, notify the commissioner of the auditor’s finding within 5 business days after making the finding.

Penalty—

Maximum penalty—200 penalty units or 1 year’s imprisonment.

(3) In this section—

"wilfully" means intentionally, recklessly or with gross negligence.