Big changes ahead for NSW security of payment legislation
By Richard Crawford
The Building and Construction Industry Security of Payment Amendment Bill 2013 (SOPA Amendments) was introduced to the New South Wales (NSW) Parliament and had its second reading on 24 October 2013. If passed the SOPA Amendments will change the way the construction industry in NSW makes its payments.
The major change in the SOPA Amendments is the insertion of time limits for payments to be made, reflecting the situation in Queensland and Western Australia. Currently NSW parties are free to agree when a payment is to be made under a construction contract. The SOPA Amendments provide maximum time limits where a progress payment is to be made: by a principal to a head contractor, 15 business days from the date of the making of a payment claim; and to a subcontractor, 30 business days from the date of the making of a payment claim…
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Minter Ellison has created a quarterly update to discuss the tax issues that you may wish to raise with your board during each reporting period, starting with Q3.
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