Required notices and forms

There are a number of notices and forms associated with trust accounts, including:

  • notices required by the trustee throughout the lifespan of the trust accounts
  • notices used by other parties to request information from the trustee or to notify the QBCC about trust account matters.

All relevant trust account forms, templates and notices are listed on the trust account resources and support page or linked from the trustee notices checklist – project trust account (PDF) or trustee notices checklist – retention trust account (PDF). 

Notices must:

  • be given within required timeframes
  • include the required information.

Notices required by trustees

There are a number of notices and forms related to trust accounts that MUST be given to various parties and at various stages during the project life by the trustee – the person responsible for the trust.  

Project trust

Opening an account

After you have opened the account for the project trust, you must notify (in writing) the following parties about the use of the project trust account for contract payments and provide certain details about the project trust account within the specified timeframes below:

  1. Within 5 business days – notify the QBCC online via the MyQBCC portal or by completing and submitting the required form (PDF). 
  2. Within 5 business days – notify the contracting party (that is, the principal, developer or owner) in writing and including the required information (refer to QBCC’s recommended template notification to assist).
  3. Within 10 business days, or upon entering a contract – notify all contracted parties (subcontractor beneficiaries) in writing including the required information (refer to QBCC’s recommended template notification to assist).

Notices must be given within required timeframes AND must include the required information.

Changing an account

If you need to make CHANGES to the project trust account throughout the life of the project, such as changing the trust name or transferring the account to a different approved financial institution, the trustee must notify the following parties (in writing) within the specified timeframes below:

  1. Within 5 business days – notify the QBCC online via the MyQBCC portal or by completing and submitting the required form (PDF).  
  2. Within 5 business days – notify the contracting party (that is, the principal, developer or owner) in writing including the required information (refer to QBCC’s recommended template notification to assist).
  3. Before using the new account for payments: Within 5 business days – notify all subcontractor beneficiaries in writing and including the required information (refer to QBCC’s recommended template notification to assist).

Notices must be given within required timeframes AND must include the required information.

Making deposits and withdrawals

There are certain requirements for how payments and withdrawals are to be made into project trust accounts.

After making the following payments from the project trust account, the trustee must provide the subcontractor beneficiaries with written advice to confirm the payment details:

  1. Within 5 business days after paying a subcontractor beneficiary and amount (e.g. a progress payment) as per the subcontract, provide written payment notice to the beneficiary including the required information (refer to QBCC’s recommended Payment advice – withdrawal from project trust account template notification to assist).
  2. Within 5 business days after paying an amount into the retention trust account, withheld from the subcontractor beneficiary, provide written payment notice to the beneficiary including the required information (refer to QBCC’s recommended Payment advice – withdrawal from project trust account or Payment advice – deposit into retention trust account template notification to assist).
Operating an account

If there are insufficient funds available in the project trust account to pay more than one subcontractor the full amount due to be paid to them, the trustee MUST make a proportional payment to each of the subcontractors (that is, a pro-rata payment).

  1. As soon as practicable after making a proportional payment – the trustee MUST notify the QBCC about the proportional payment online via the MyQBCC portal or by completing and submitting the required form (PDF)
Closing an account

A project trust account can only be closed when certain conditions are met.

After closing the account, the trustee must provide the following parties with a notice confirming the account has been closed with the specified timeframes:

  1. Within 5 business days – notify the QBCC online via the MyQBCC portal or by completing and submitting the required form (PDF).
  2. Within 5 business days – the contracting party in writing including the required information (refer to QBCC’s recommended template notification to assist).

The ‘trust’ is also considered to be dissolved when the account is closed and the above notices have been given.

NOTE: it is an offence to dissolve a project trust before these requirements are met and penalties apply.

Nominating an account administrator

A trustee of a retention trust may nominate another person to administer the retention trust account on their behalf. 

As the trustee, if you will not be responsible for administering the retention trust account, you must nominate another person and notify the QBCC of the nomination online via myQBCC.

If the person responsible for administering the retention trust account changes, you must nominate a new person and notify the QBCC online via myQBCC. You can change the nominated person at any time; however each nominated person must complete the required retention trust training.

Retention trusts

Opening an account

After you have opened the account for the retention trust, you must notify the following parties about the use of the retention trust account for withholding retention amounts, and provide certain details about the retention trust account within the specified timeframes:

  1. Within 5 business days – to the QBCC using the required form (PDF) or online via the MyQBCC portal. 
  2. Before withholding a retention amount – notify all contracted parties from whom the retention amounts are being withheld (these parties are also the beneficiaries) in writing including the required information (refer to QBCC’s recommended template notification to assist).

Notices must be given within required timeframes AND must include the required information.

Changing an account

If you need to make CHANGES to the retention trust account throughout the life of the project, such as changing the trust name or transferring the account to a different approved financial institution, the trustee must provide notice in writing to all parties:   

  1. Within 5 business days – to the QBCC by using the required form or online via the MyQBCC portal.  
  2. Before using the new account for payments: Within 5 business days – to all contracted parties in writing including required information (refer to QBCC’s recommended template notification to assist).

Notices must be given within required timeframes AND must include the required information.

Making deposits and withdrawals

There are certain requirements for how payments and withdrawals are to be made for retention trust accounts.

After making the following payments from the retention trust account, the trustee must provide the contracted parties (the parties from whom the retention amounts are being withheld – also the beneficiaries) with written advice about the transactions:

  1. Within 5 business days after an amount is deposited into the retention trust for the benefit of the contracted party – provide written payment notice to the beneficiary including required information (refer to QBCC’s recommended Payment advice – deposit into retention trust template notification to assist). 
  2. Within 5 business days after an amount is paid out of the retention trust for the benefit of the contracted party – provide written payment notice to the beneficiary including required information (refer to QBCC’s recommended Payment advice – payment to beneficiary from retention trust account template notification to assist). 
  3. Within 5 business days after the trustee withdraws retention amounts from the retention trust account to pay another party (someone other than the contracted party) – provide written payment notice to the beneficiary including required information (refer to QBCC’s recommended Payment advice – payment to another party from retention trust account template notification to assist). 
Closing an account

A retention trust account can only be closed when certain conditions are met. Remember, a retention trust account can be used for retention amounts withheld across multiple projects and therefore does not need to be closed when a project is completed.

After closing the account, the trustee must notify the following parties confirming the account has been closed:

  1. Within 5 business days – notify the QBCC either online via the MyQBCC portal or by completing and giving the required form (PDF).

The ‘trust’ is also considered to be dissolved when the account is closed and the above notices have been given.

Note: it is an offence to dissolve a retention trust before these requirements are met and penalties apply.

Notices used by other parties

There are a range of forms and notices that can be used by other parties in the contracting chain to request information.

Requesting trust account records

A current or former beneficiary of a trust can request certain records or information about the trust. This information can include the following, but only to the extent that it related to the beneficiary making the request:

  • a statement of balance
  • a copy of transactions
  • a copy of the trust records
  • a copy of supporting statements.

This request must be given in writing including the required information, or by completing and submitting the template notification form (PDF).

Reporting trust account complaints

Anyone who has concerns that a trustee is not meeting their obligations can notify the QBCC using the trust account online complaint form or by completing and submitting the trust account complaint form (PDF).