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QLD – The Building Industry Fairness (Security of Payment) Bill 2017
On 22 August 2017, the Queensland government introduced the Building Industry Fairness (Security of Payment) Bill2017 (the Bill).
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A New “Fairer” Way In Queensland – Building Industry Fairness (Security Of Payment) Act – Nov 2017
The new Building Industry Fairness (Security of Payment) Bill 2017 (Qld) will see the introduction of Project Bank Accounts, and the repealing and replacement of the Building and Construction Industry Payments Act 2004 (Qld) (‘BCIP Act’) and Subcontractors’ Charges Act 1974 (Qld).
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Ipso facto Insolvency Reforms
A large percentage of small to medium sized enterprises collapse within the first three years of commencement for various reasons, ranging from the lack of working capital, lack of strategic direction to poor planning, cash flow management and record keeping.
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Minority creditor terminates director friendly voluntary administration
Our client obtained Supreme Court judgment for an amount of $1.64 million. Shortly thereafter, the defendant company was placed into voluntary administration by its director.
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Phoenix Taskforce Established
The Phoenix Taskforce comprises over 20 Federal, State and Territory government agencies, including the ATO, Australian Securities & Investments Commission (ASIC), Department of Employment, and the Fair Work Ombudsman.
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The right to be wrong – the ability to review Adjudicators’ determinations
Under tight time pressures to decide often complex matters, Adjudicators appointed to determine an adjudication application under Security of Payment legislation may make mistakes.
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Should you Sue or Just Cut Your Losses?
Nothing is quite as painful in construction business as realising that your payment claim is going to sit there, unpaid, unless you take action to collect.
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Members Data Continues to Grow for NSW and Other Regions
Trading data for NSW provided by 158 members reached $942.10m in April 2018. Data for NSW has grown by 32% since July 2017. Total members debt value for April 2018 was $2.938b ($2,938, 375,784). With ‘Other Regions’ contributing $1.793b of this total. Regions Report, April 2018 Data Region – Number of members providing…
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Consolidated Outstanding 60/90 Day Debt Percentage
Our data shows that the Consolidated 60/90 debt percentage for the first four months of 2018 is slightly higher than the first six months of the 2017/2018 financial year. It will be interesting to see if this trend continues. Consolidated DSO Result Days Sales Outstanding (DSO) represents the average number of days it takes…
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BICB welcomes ABN trading name extension
The government’s extension of deadline to remove trading names on the ABN Lookup has been welcomed by the industry but accountants and bookkeepers have been urged to advise clients to register a business name. The government has decided to extend the display of trading names on the ‘ABN Lookup’ from 1 November 2018 to 31…
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Are unresolved A/R disputes taking a toll on your company’s bottom line?
Have you ever calculated your costs for resolving receivable disputes? If you have, you’ve probably discovered that the process is quite expensive. Here’s why.
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BICB welcomes disclosure of business tax debts
Tax Integrity — disclosure of business tax debts — amendments The Government will amend the 2016-17 MYEFO measure Tax integrity — improve the transparency of taxation debts to increase the threshold of business tax debts that can be disclosed to credit reporting bureaus from $10,000 to $100,000; introduce a requirement that the Minister consult with…
