The Building and Construction Industry Security of Payment Amendment (Trust Account Holders) Regulation 2017 commences on 10 March 2017.
The Amendment Regulation contains practical changes to reduce red tape for industry and allow Fair Trading to efficiently police the industry.
The changes include:
You can read more about the exemption for head contractors on our Retention money page.
The Retention Money Trust account Scheme started on 1 May 2015 and is administered by Fair Trading. The Building and Construction Industry Security of Payment Regulation 2008 requires head contractors who operate a retention money trust account to fulfil certain reporting requirements. This includes them providing, within 3 months after the end of a financial year: