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ARTICLE · 13 NOVEMBER 2020

What are the NSW security of payment laws changes?

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If you work in the NSW building and construction industry, you should be aware of changes to security of payment laws.

AustraliaReal Estate and Construction
Robert Nay
Robert Nay
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If you work in the building and construction industry, or you are engaging an industry participant (for example, a builder or other tradesperson), you will need to be across changes to the security of payment laws in New South Wales (NSW).

Fair Trading NSW has published new Regulations, the Building and Construction Industry Security of Payment Regulation 2020 (NSW) which replace the 2008 Regulations. These Regulations accompany the Building and Construction Industry Security of Payment Act 1999 (NSW) ( Act ), which was recently amended.

The new security of payment Regulations cover four key areas:

  1. trust account management;
  2. supporting statements provided by head contractors;

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