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What is this about?
The NSW Government is continuing to progress reforms to the building and construction industry to provide greater financial security and prompter payments for subcontractors.
Amending the Regulation is required to facilitate commencement of the Building and Construction Industry Security of Payment Amendment Act 2018 (the Amendment Act).
What has happened so far?
The Amendment Act was assented to on 28 November 2018 and will commence on 21 October 2019. It contains reforms to the Building and Construction Industry Security of Payment Act 1999 (the Act) to promote cash flow in the supply chain, increase transparency of payments and provide greater protections to subcontractors.
What are the changes?
The Building and Construction Industry Security of Payment Amendment Regulation 2019 (the amending Regulation) contains only those reforms which are critical to facilitating commencement of the Amendment Act. These reforms include:
- exempting owner occupier construction contracts from the operation of the Act,
- specifying the offences with respect to retention money trust accounts as executive liability offences, and
- specifying the offences under the Act and Regulation for which penalty notices may be issued and the amount of the penalty payable.
Next steps
The Building and Construction Industry Security of Payment Amendment Regulation 2019 (the amending Regulation) has now been finalised and published. The Amendment Act and amending Regulation will commence on 21 October 2019.
Fair Trading is currently undertaking targeted stakeholder consultation to inform the development of the Code of Practice for authorised nominating authorities.
Fair Trading will continue to consult with stakeholders on further amendments to the amending Regulation with a view to publicly releasing a draft amending Regulation later this year.
More information about the progress of the review will be made available on this website.
Have your say
Stakeholders and interested parties were invited to review the amending Regulation and provide comments during the period of 27 May to 21 June 2019.
If you can't use our online form, you can email your submission to [email protected]. We will publish your submission if not told otherwise.
If you can't provide your submission electronically, you can send your submission by mail to:
Office of the registrar General
McKell Building
2-24 Rawson Place
Sydney NSW 2001