More amendments in store for the Building and Construction Industry Payments Act
By Michael Creedon and Laura FitzGerald
The Queensland government has unveiled a series of amendments to be made to the Building and Construction Industry Payments Act 2004 (BCIPA). The reforms, announced at the recent Property Council Downtown Breakfast, have been approved by the Cabinet and are intended to come into effect later this year.
The proposed amendments include the establishment of an Adjudication Registry within the Queensland Building and Construction Commission to administer the Act, monitor performance and appoint adjudicators; and the amendment of timeframes for making and responding to payment claims under the act…
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This page provides a link to all the relevant discussion papers.
Despite their prevalence, there has been some uncertainty in relation to the income tax treatment of earnout arrangements.