How are retentions and progress payments structured under Australian building standards?

Payment terms are not set by building standards. They come from your contract and the laws of your state. Progress payments are usually tied to completed stages of work, and the builder or trade submits a claim for each stage. Retention is an amount held back until work is complete or defects are fixed. Whether it is allowed, how much, and how it is held differs by state and contract, and some states have rules. Some states cap deposits on domestic building contracts. Security of payment laws exist in every state and territory with strict deadlines for responding to a claim, and NSW has applied its law to owner occupier contracts, so act quickly on any claim that refers to them and get legal advice.

In MyBuildHub: use Progress Payments to record each claim against the contract, and compare the amount claimed with the work completed before you pay.

Check yourself: NSW security of payment changes, your state fair trading body, and a lawyer.

This is general information only. It is not legal advice, and MyBuildHub is not a law firm. Laws differ by state and change over time. Speak to a lawyer or your state regulator about your situation before you sign or act.