WLMS Resource Library is finally here!
After many, many months of work, the Wood L&M Solutions Resource Library is finally ready for release! The Resource Library will, eventually, provide detailed guidance of the legislative requirements for the building and construction industry in Queensland. It is a ‘work in progress’ so will never truly be ‘finished’! We will continue to add more topics and more information as we receive requests for it and as we see that further clarification or information is required.
To date, we have focused our efforts on chapter 2 of the Building Industry Fairness (Security of Payment) Act 2017 – Statutory Trusts. This is because the new regime does not seem to be well understood and many articles/information that has been released by various entities across the industry do not, in our view, delve deep enough into what is, in fact, required for people to understand the impact on their business and, in turn, what they need to change in order to comply and minimise the administrative burden. It also doesn’t provide enough detail for principals and contractors to actually comply with the BIFA.
Serious penalties (personal and company) apply to both principals and head contractors and, in some instances, to subcontractors so clarity is what the industry needs – hence, we have developed the WLMS Resource Library. We hope you will take the time to walk through the requirements regardless of whether you are a private entity principal, head contractor or subcontractor. It is important to understand whether it applies to you and your projects, and if it does, what you need to do in order to comply. If you are a subcontractor, it is also important that you understand what your options are if you do not believe that the head contractor has complied with the BIFA and/or if you have a payment dispute.
The QBCC has recently commenced its first Audit Program on Project Trusts and Retention Trusts and it will, no doubt, show significant non compliances – not because head contractors are ignoring the legislation, but simply because the legislation is incredibly confusing in some areas and is not that easy to follow. We are confident that the WLMS Resource Library will provide clarity on what is required and also identify some of the practical issues that arise.
Please reach out to us if you would like to discuss the requirements or would like some assistance in setting up your systems and processes to streamline your obligations and minimise administrative burden. Don’t forget that we offer inhouse workshops on Statutory Trusts and Progress Payments, as well as other topics, in which we walk through what is required at a practical level.
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Last updated: 12 January 2022