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Security of Payment Amendment Regulation 2016 

Building and Construction Industry Security of Payment Amendment (Trust Account Holders) Regulation 2017 

What is happening?  

The Building and Construction Industry Security of Payment Amendment (Trust Account Holders) Regulation 2017 commences on 10 March 2017.

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What has changed? 

The Amendment Regulation contains practical changes to reduce red tape for industry and allow Fair Trading to efficiently police the industry.

The changes include:

  • exempting head contractors from providing an annual account review report in certain circumstances
  • supporting investigations being conducted by authorised officers. This is because the Commissioner of NSW Fair Trading can now delegate to them certain information gathering powers.

You can read more about the exemption for head contractors on our Retention money page.

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Background to the Retention Money Trust Account Scheme 

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:  

  • an account statement
  • a review report by a registered company auditor.

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