Project Trust Account and Retention Trust Account

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Essentials

If your construction project is located in Queensland, you may be required by law to open Project Trust Accounts and Retention Trust Accounts¹.

What’s a Project Trust Account?

Project Trust Accounts are designed for construction projects in Queensland, to help you comply with your banking requirements under the Building Industry Fairness (Security of Payment) Act 2017². An account must be opened for each project trust to receive payments made under the construction contract, and to pay contractors.

What’s a Retention Trust Account?

A Retention Trust Account must also be opened when the construction contract includes a requirement to hold cash retention amounts. It’s used to hold cash retention amounts for eligible contracts until payments to contractors are made. You can have one or more Retention Trust Accounts for your eligible contracts.

Benefits

Assists you to comply with the Building Industry Fairness (Security of Payment) Act 2017 when holding funds for contractors
Gives your contractors confidence that funds are available
Allows you to make electronic payments quickly and easily
Provides a clear view of contractor finances

Get started

Find your nearest branch to open an account
Call us on 132 142, 8am - 8pm AEST, Monday – Friday for more information

Fees³

Account Keeping Fee (formerly known as ‘Monthly Service Fee’): $0

Read about other fees and charges (PDF 536KB)

What you’ll need

If you don’t already have one, you’ll need a Westpac business transaction account for any bank and government fees to be charged to, and to receive interest.

Eligibility check⁴

18+ years old (applicant plus all signatories)
Operating in Australia with an Australian address
Party to a building or construction contract that’s eligible under the Building Industry Fairness (Security of Payment) Act 2017

Restrictions

Project Trust Accounts and Retention Trust Accounts are governed by the Queensland Building Industry Fairness (Security of Payment) Act 2017. You’ll need to comply with its requirements, which include:

Withdrawals from accounts can only be used as payments to beneficiaries as required by law
Limits to account access (e.g., no cash transactions, and no access to debit cards, cheques and deposit books)
Account naming conventions

Frequently asked questions

What is a Project Trust Account?

A Project Trust Account is an account through which all payments required by the construction contract (except any cash retention amounts) are received and paid. All payments (except any cash retention amounts) relating to the project must be paid into and disbursed from this account in accordance with the requirements of the legislation.

What is a Retention Trust Account?

What do I need to do before I open a Project Trust Account /Retention Trust Account?

Open a business transaction account (if you don’t have one already with Westpac). This will be used for the payment interest and debiting of incidental fees and charges, relating to the Project Trust Account /Retention Trust Account.
If you’re a new customer to Westpac, you’ll need to complete our Identification Verification process and provide further documentation. Find out what information you need to provide to become a Westpac customer
Once you have all the above documentation, visit one of our branches to open the account with a banker.

Why do I need to open a business account for my fees and charges?

What restrictions apply to Project Trust Accounts and Retention Trust Accounts?

Things you should know

Deposit Accounts for Business Customers Terms and Conditions (PDF 536KB)

Before making a decision about any of our products or services, please read all the terms and conditions. Fees and charges apply and may change.

These accounts are used for construction contracts when required by the Building Industry Fairness (Security of Payment) Act 2017. These accounts are also overseen by the Queensland Building and Construction Commission. For more information, go to qbcc.qld.gov.au
The Building Industry Fairness (Security of Payment) Act 2017 is governed by the Queensland Building and Construction Commission, and applies to construction companies that operate in Queensland. For more information, go to qbcc.qld.gov.au
For further information on additional fees, go to Deposit Accounts for Business Customers Terms and Conditions (PDF 536KB)
This information doesn’t take your personal objectives, circumstances or needs into account. Consider its appropriateness to these factors before acting on it. Read the disclosure documents for your selected product or service, including the Terms and Conditions (PDF 536KB), Target Market Determination, or Product Disclosure Statement and consider whether the product or service is right for you.