Security of Payment RegulationThe NSW Government is proposing several changes to the Building and Construction Industry Security of Payment Regulation. These reforms aim to better protect subcontractor retention monies and strengthen transparency in relation to payments to subcontractors while minimising red tape. NSW Fair Trading has released for public comment the draft Building and Construction Industry Security of Payment Amendment (Retention Trust Money Account) Regulation 2014. The public consultation closes on 8 January 2015.The Property Council has been engaging with the Government on this proposal since the release of the Collins Inquiry.If you would like to contribute to the Property Council’s submission on the draft regulation, please contact Felicity Wilson on 02 9033 1907 or [email protected] more information, see the Fair Trading media release.
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