Retention trust training
On 1 January 2022, a training requirement was introduced for managing a retention trust account (RTA), under the Building Industry Fairness (Security of Payment Act 2017).
This training is compulsory for the trustee or a person/s they nominate to administer their RTA. Penalties may apply for failing to complete the training.
To support this requirement, we are delivering specialised retention trust training for trustees and trust account administrators.
To learn more about who needs to open a RTA use our trust account tool.
What is retention trust training?
The retention trust training covers key trust account concepts and their application, including the practical steps required to administer RTAs.
The training includes:
- a summary of trust administrator responsibilities
- a detailed overview of how transactions must be managed
- auditing requirements and timeframes.
Who needs to compete retention trust training?
Training must be completed by the RTA trustee or a person nominated by the trustee to administer the RTA on their behalf (for example, a director, financial officer or contract administrator). A person only needs to successfully complete the training once (not once per trust account).
A trustee is permitted to nominate more than one person to complete training. Trustees should also note they are responsible for initiating further training for a new RTA administrator if required (e.g. they employ a new financial officer).
Timelines for completing the training
There are specific timeframes for completion of retention trust training.
Trustees or their nominee must complete the training within 20 business days of whichever of the following events occurs first:
- an administrator being nominated
- an eligible retention amount being withheld.
An overview of key concepts that underpin the trust account framework including:
|Trust account framework||
|Retention trust requirements||
|Opening and administering a trust account||An in-depth look at the restrictions for withdrawals, deposits and making payments from and to the retention trust account (including notices about payments).|
|Keeping trust records||An in-depth look at the requirements for trust accounts, conducting a monthly reconciliation and annual retention trust audits,|
|Other trust matters and summary||A summary of the key points and takeaways for this training.|
|Using myQBCC||A guided tour of the key features in myQBCC that will help you manage and administer your trust account.|
|Assessment||A 15-question assessment that allows users to test their knowledge using scenario-based question|
Retention trust training takes approximately 2 hours to complete.
We will be delivering the retention trust training online via a 2-hour facilitated webinar. Trustees and/or nominees can register to attend one of their preferred sessions below.
Register for a session
|Proposed time||Registration link|
Wednesday 25 May 12pm – 2pm
|Wednesday 1 June 10am – 12pm||Register|
|Monday 6 June 12pm – 2pm||Register|
|Tuesday 14 June 8am – 10am||Register|
|Thursday 23 June 1pm – 3pm||Register|
|Tuesday 28 June 11am – 1pm||Register|
Note: this list of upcoming sessions is updated frequently.
- receive a Learner Guide at the start of the session for note taking (please note there is no need to print the guide out)
- complete an assessment
- receive a certificate of completion once they have successfully completed the training and passed the assessment
Contact us for more information, or for questions on registering or meeting the training requirements.
Need help accessing the webinars? Follow this support guide