Required retention trust training

From 1 January 2022, trustees or a person/s nominated by a trustee to administer a retention trust account are to complete retention trust training as required by the Building Industry Fairness (Security of Payment) Act 2017 (BIF Act).  

To assist in completing the training, the Queensland Building and Construction Commission (QBCC) will deliver specialised public training for trustees and retention trust account administrators. The requirement to complete the retention trust training applies from 1 January 2022, with transition periods for existing retention trust trustees that are impacted. 

To find out if you need to open a retention trust account, please refer to our ‘When a retention trust is required’ or use our trust account tool.

What is retention trust training?

Retention trust training is a mandatory short course about the requirements for retention trusts, the compliance obligations of trustees and how to operate and administer the retention trust.

Who needs to compete retention trust training?

Either the trustee or another person nominated by the trustee to administer the trust account on their behalf (for example, a director, financial officer or contract administrator) will need to complete the training within certain timeframes. Multiple persons may complete the training per trustee.

A person only needs to successfully complete the training once (not once per trust account).

Note: it will be considered an offence to not complete the mandatory training requirement and penalties may apply for failing to do so.

Timelines for completing the training

There are specific timeframes the retention trust training must be completed within. 

If you withheld a retention amount OR nominate an administrator on or before 31 January 2022, you or your nominee must complete the retention trust training by the end of February 2022.

If you withhold your first eligible retention amount OR nominate an administrator on or after 1 February 2022, you must complete the training within 20 business days of withholding an eligible retention amount or from the date of nomination.

How can I complete the training?

The QBCC will be delivering the retention trust training online via a series of 2-hour facilitated webinars. Trustees and/or nominees can register to attend one of their preferred sessions below.

RTT Sessions 2022

Proposed time Registration link
Wednesday 2nd February 1.30pm - 3.30pm Register
Tuesday 8th February 8am -10am Register
Monday 14th February 1.30pm - 3.30pm Register
Wednesday 23rd February 10am -12pm Register
Tuesday 1 March 10am -12pm Register
Wednesday 9 March 12pm - 2pm Register
Thursday 17 March 10am -12pm Register
Monday 21 March 11am -1pm Register
Wednesday 30 March 1pm - 3pm Register

Note: this list of upcoming sessions is updated frequently. 

Participants will receive a Learner Guide at the start of the session for note taking (please note there is no need to print the guide out manually). There is an assessment component to be completed as part of the training session and a certificate of completion will be provided to attendees once they have successfully completed the training and passed the assessment

Training outline

The retention trust training has been designed to build a baseline of the key concepts and provide an overview on how to apply this knowledge to the trust account framework and to the practical steps required to administer a retention trust account. 

Title Content
Introduction/overview

An overview of key concepts that underpin the trust account framework including:  

  • trusts and trust accounts
  • general obligations for withholding retentions 
  • trustee and beneficiary relationship.
Trust account framework
  • an overview of the legislation and a review of the protections provided by the trust account framework
  • an overview of the trust account framework
  • an overview of the rights and responsibilities of the trustee.
Retention trust requirements
  • a broad overview of the eligibility criteria for the retention trust account
  • the process for establishing/opening and closing the retention trust account
  • the notification requirements for establishing/opening and closing the retention trust account.
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

For more information, or for questions on registering or meeting the training requirements, please contact the QBCC.