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Trust records for project and retention trust accounts

Project and retention trust accounts are a legal arrangement whereby money is held by a third party to be paid to a head contractor or subcontractor at a specified time.
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There are generally two types of trust account used by members of the construction sector:

  • Project trust account (PTA) – applicable for each project undertaken.
  • Retention trust account (RTA) – for all cash retention held by the principal or head contractor.

This resource offers an explanation of some of the key terms used when discussing PTAs and RTAs and what you need to know about managing a trust account. The trustee for a PTA or an RTA must keep records for the trust as required. A list of these required records is provided in this resource.

Advice is also given about what information must be included in bank reconciliations, as well as what’s involved in auditing and review processes.

This resource is one of several on PTAs and RTAs that are designed to assist HIA members. Be sure to check out HIA’s related resources for more information.

Access this resource now

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Non-Member price

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Member price

FREE

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Didn’t find what you were looking for?

Who is it for?

Residential builders and industry professionals

This resource is designed for builders and industry professionals who want to understand how project and retention trust accounts work.

What does it include?

  • Terminology used
  • What you need to know about managing a trust account
  • Monthly bank reconciliations
  • Auditing and reviews.

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