Trust olive branch nothing but a Trojan Horse
Master Builders Australia has opposed draft trust legislation, describing it as a 'Trojan Horse' despite being framed as a compromise. Their formal submission challenges the proposed laws.
What does the new draft trust legislation mean for builders and tradies?
Builders and subcontractors across all trades could be affected by new trust account obligations, impacting cash flow and admin burden on day-to-day operations.
Key takeaways
- Master Builders Australia has formally opposed the draft trust legislation in a submission.
- The industry body says the legislation is misleading despite being presented as a compromise.
- Trust account laws could increase admin and cash flow pressure for builders and subbies.
Related
ATO ramp up of small business debt collection
Master Builders Australia has published a news item saying the ATO is stepping up its debt collection against small businesses. The text provided gives no further detail on the measures, timing or amounts.
Why it matters: Builders and other trade businesses with outstanding tax debts may face firmer ATO collection action, which could strain cash flow. Details are not in the source text, so check the ATO or Master Builders directly.
Builders Oppose Proposed Jobs Framework and Supplier Code
Master Builders Australia opposes the proposed Secure Australian Jobs Framework and changes to the Commonwealth Supplier Code. The article excerpt gives no further detail on what the proposals contain.
Why it matters: Builders and contractors working on or seeking Commonwealth-funded projects could face new employment and supplier requirements. The practical impact is unclear until details of the proposals are released.
WA passes new payment protection laws for subcontractors
Western Australia's Parliament has passed new payment protection laws for subcontractors. The changes, made through an amendment to the Building and Construction Industry (Security of Payment) legislation, aim to give subcontractors stronger protection against insolvency.
Why it matters: Subcontractors in WA, including plumbers, electricians, carpenters and other trades, get stronger protection if a head contractor becomes insolvent. This could reduce the risk of unpaid work and cash flow problems.