This regulation may be cited as the Building Industry Fairness (Security of Payment) (Retention Trust Training) Amendment Regulation 2021.
This regulation commences on 1 January 2022.
This regulation amends the Building Industry Fairness (Security of Payment) Regulation 2018.
After section 10E—
insert—10EA Retention trust training—Act, s 41
(1)This section prescribes, for section 41(5) and (6) of the Act, the retention trust training that a trustee or nominee must complete if a retention trust is required for a retention amount withheld from payment under a contract.(2)The training is the training course called ‘Mandatory retention trust training’, provided by the commission.(3)If the trustee nominates a person to be responsible for administering the retention trust account under section 41(2) of the Act, the nominee must complete the training before the end of—(a)for a nomination made on or before 31 January 2022—February 2022; or(b)for a nomination made after 31 January 2022—(i) if the trustee completed the training before making the nomination—20 business days after the nomination is made; or(ii)if the trustee did not complete the training before making the nomination—20 business days after the first retention amount is withheld from payment under the contract.(4)If the trustee nominates a person to replace a previous nominee under section 41(3) of the Act, the new nominee must complete the training before the end of—(a)for a nomination made on or before 31 January 2022—February 2022; or(b)for a nomination made after 31 January 2022—20 business days after the nomination is made.(5)If the trustee does not nominate a person to be responsible for administering the retention trust account under section 41(2) of the Act, the trustee must complete the training before the end of—(a)if the first retention amount is withheld from payment under the contract on or before 31 January 2022—February 2022; or(b)if the first retention amount is withheld from payment under the contract after 31 January 2022—20 business days after the first retention amount is withheld from payment under the contract.(6)A person need only complete the training once.(7)A person is taken to have complied with this section if the person completed the training before the commencement.