Retention Trust Training
Retention trust training is a compulsory short course and assessment to ensure those managing a retention trust account (RTA), are fully aware of trustee obligations.
To support this requirement, we are delivering specialised retention trust training for trustees and trust account administrators.
Training and the assessment must be completed by the RTA trustee or a person nominated by the trustee to administer the RTA on their behalf (for example, a director, financial officer or contract administrator).
A person only needs to successfully complete the training once (not once per RTA).
A trustee is permitted to nominate more than one person to complete training. This nomination must be recorded as a relationship in the trustee’s myQBCC account.
Please see nominating a trust account administrator on required trust notices for more information.
Trustees and their administrators must open a myQBCC account to enable submitting trust notices and registration of the required relationship.
Trustees are also responsible for initiating further training for a new RTA administrator if required (e.g. they employ a new financial officer).
To learn more about who needs to open an RTA use our simple trust account tool.
There are specific timeframes for completion of retention trust training. Trustees or their nominee must complete the training within 20 business days of whichever of the following events occurs first:
- an RTA administrator being nominated
- an eligible retention amount being withheld.
Penalties may apply if training is not completed, and a certificate of completion is not recorded for the trustee for an RTA.
We are currently delivering retention trust training online via a 2-hour facilitated webinar.
- receive a learner guide at the start of the session (for note taking)
- complete an assessment
- receive a certificate of completion on successful completion the training and assessment.
Trustees and/or nominees can register to attend one of their preferred sessions below.
|Thursday 22nd February2024 9am - 11am
|Thursday 7th March 2024 9am - 11am
|Thursday 21st March 2024 9am - 11am
|Thursday 4th April 2024 9am - 11am
|Thursday 18th April 2024 9am - 11am
Note: this list of upcoming sessions is updated monthly.
Need help accessing the webinars? Follow this support guide
|An overview of key concepts that underpin the trust account framework.
|Trust account framework
|Retention trust requirements
|Opening and administering a trust account
|An in-depth look at the restrictions for trust account transactions (including notices about payments).
|Keeping trust records
|An in-depth look at the requirements for trust records including the monthly reconciliation and trust account review.
|A guided tour of the key features in myQBCC that will help you manage and administer your trust account.
|A 15-question assessment that allows users to test their knowledge using scenario-based questions.
Contact us for more information, or for questions on registering or meeting the training requirements.