| Construction contracts–retention money | Actual 2024 ($000) | Actual 2025 ($000) |
|---|---|---|
| Opening balance at 1 July | - | - |
| Contributions | - | $303 |
| Distributions | - | $(183) |
| Closing balance at 30 June | - | $120 |
The accompanying accounting policies and notes form part of these financial statements.
The retention money trust account was established in 2024–25 to hold all retention funds in accordance with the Construction Act 2002, as amended by the Construction Contracts (Retention Money) Amendment Act 2023, and Part 7 of the Public Finance Act 1989.
IR withholds the amount of money allowed and agreed in the commercial construction contract as a security for the achievement of the performance (for example, remedying construction defects) of the contracted firm. Subcontractors may request access to records under Section 18FC of the Construction Act 2002.
Last updated:
19 Nov 2025