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BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT REGULATION 2008 - REG 16 Annual report on trust account

BUILDING AND CONSTRUCTION INDUSTRY SECURITY OF PAYMENT REGULATION 2008 - REG 16

Annual report on trust account

16 Annual report on trust account

(1) The head contractor who operates a retention money trust account during a financial year must, within 3 months after the end of the financial year, provide the Secretary with the following--
(a) an account review report for the account in respect of the financial year,
(b) a retention account statement for the account in respect of the financial year in the form approved by the Secretary.
: Maximum penalty--200 penalty units.
(1A) Subclause (1) does not apply to a head contractor if--
(a) there have been no amounts deposited into or withdrawn from the retention money trust account during the financial year, and
(b) no amount is retained in the account at the end of the financial year, and
(c) the contractor has notified the Secretary in writing of those facts within 3 months after the end of the financial year.
(2) An
"account review report" for a retention money trust account is a report given by a registered company auditor (within the meaning of the Corporations Act 2001 of the Commonwealth) certifying that, based on a review of the operation of the account, it is the auditor's opinion that the account operator has complied with all of the requirements of this Part in relation to the account during the financial year for which the report is given.
(3) A fee of $1,500 must accompany an account review report and retention account statement provided to the Secretary for the purposes of this clause.
(4) A head contractor must not provide a retention account statement to the Secretary for the purposes of this clause knowing that the statement is false or misleading in a material particular.
: Maximum penalty--200 penalty units.
(5) In this clause--


"financial year" means a period of 12 months commencing on 1 July.