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--
(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amounts deposited into or withdrawn from the retention money trust account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 2001of 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.