Retention Trust Scheme
The retention trust scheme under the Building and Construction Industry (Security of Payment) Act 2021 requires construction contracts over $1,000,000 (including GST) entered into after 1 February 2023 that require the holding of retention money, to place retention money in a retention trust account.
From 1 February 2024, construction contracts over $20,000 (including GST) that require the holding of retention trust monies will be required to hold the funds is a retention trust account.
Contracts entered into before 1 February 2023 do not require retention money to be held in a trust account.
Information on the retention trust scheme will be provided closer to the commencement date. Please refer back to this page for more information in due course.
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