What is CIRT?
The Contracting Industry Redundancy Trust (CIRT) is a redundancy trust and a worker entitlement fund operating under the Fringe Benefit Tax (FBT) legislation. CIRT was established in 1991 to preserve the redundancy entitlements of workers in the electrical contracting industry.
CIRT (QLD) PTY LTD ABN 49 011 050 329 is the Trustee of Contracting Industry Redundancy Trust (CIRT) ABN 18 414 343 407 which has equal employer/employee representation consisting of the MEA and the ETU together with an independent Director.
CIRT does not hold direct investments. All assets are maintained on an external investment platform on behalf of the Trustee and are managed by an independent, professional investment adviser. Investment performance is monitored by the adviser and reported to the Trustee on a quarterly basis. Further information regarding the Fund’s investment managers is available upon request from CIRT Administration or within the audited financial statements.
Investment earnings are retained within the Fund and applied towards operational expenses, including administration, marketing and promotional activities, and contributions to relevant industry organisations. These include initiatives such as MATES in Construction, which provide essential support services to workers in the electrical contracting industry (refer to the Member Assistance Program section of the Fund’s website for further details).
CIRT operates as an Employee Entitlement Scheme and is subject to updated regulatory requirements introduced by the Australian Securities and Investments Commission (ASIC), effective 1 April 2026.
Regulatory Changes and Licensing
Prior to 1 April 2026, operators of employee entitlement schemes were exempt from holding an Australian Financial Services (AFS) licence and from certain provisions of the Corporations Act under ASIC relief instruments. This relief ceases from 1 April 2026.
Under the new framework, scheme operators must comply with transitional arrangements and submit an application for an AFS licence by 1 September 2026 in order to continue operating. Transitional relief will remain in effect until an AFS licence is granted. Licensed operators will continue to receive certain regulatory concessions, including relief from managed investment scheme registration, product disclosure requirements, and hawking provisions, subject to meeting specified conditions.
CIRT intends to apply for an AFS licence within the prescribed timeframe. For further information, please contact the Fund at enquiries@cirt.com.au.