From 21 October 2019, the Building and Construction Industry Security of Payment Act 1999 (NSW) (Act) will be subject to further significant changes. These were legislated in November 2018, but the implementation was delayed. These changes will require you to make modifications to the way you conduct your business.
Once the amendments commence, some of the more important elements you need to be aware of are:
- A greater emphasis on ensuring compliance with the Act
- The importance of being truthful in statutory statements made under the Act
- Exposure of directors and senior managers of corporations to personal liability
- Increased penalties for offences
- The power to impose on-the-spot fines
- Boosted powers to conduct searches and investigations
- Shortened times for paying subcontractors
We present these changes in a tabulated and readily digestible form.