BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 52
Trust records
BUILDING INDUSTRY FAIRNESS (SECURITY OF PAYMENT) ACT 2017 - SECT 52
Trust records
(1) The trustee for a project trust or retention trust must keep records for
the trust (the
"trust records" ) as required by this section. Penalty— Maximum
penalty—300 penalty units or 1 year’s imprisonment.
(2) The trustee
must keep the following records for the project trust or retention trust—
(a) an individual trust account ledger for the trust;
(b) another record
prescribed by regulation.
(3) The trust account ledger must be capable of
providing separate information for each beneficiary of the project trust or
retention trust.
(4) Transactions must be recorded in Australian dollars.
(5) Any words used to explain a transaction must be in the English language.
(6) The trust records must— (a) be kept in the way, and include the
information, prescribed by regulation; and
(b) be accurate records of the
transactions affecting the trust account; and
(c) enable convenient and
proper audit of the transactions affecting the trust account.
(7) All
deposits to, and withdrawals from, the trust account must be recorded within 5
business days after the deposit or withdrawal is made.
(8) Trust records must
be retained for a period of not less than 7 years.
(9) Any computer system
used to store the trust records must comply with the requirements prescribed
by regulation.
