Project Bank Accounts – The Background:
Much has been discussed in recent times about the use of Project Bank Accounts (Trust Accounts) as a means to protect the flow of payments on construction projects from the principals down to the eventual suppliers of the goods and services which form the eventual completed project.
The political, social, and financial consequences of the failure by suppliers and subcontractors to receive payment for works, completed following the all too frequent collapse of development and construction enterprises, was highlighted at every one of the recent hearings into insolvency in construction conducted by the Senate Estimates Economics Committee.Read More
Toll costs in NSW and Victoria set to continue to rise in the coming years, spelling bad news for construction SME's looking to reduce operational costs.Read More
The 2016-17 Budget is a win for the $200 billion building and construction industry.
Company tax rate cuts
It has been confirmed that from July 1, small to medium-sized businesses with an annual turn over of up to $10 million dollars will qualify for a company tax rate of 27.5%, down from 30%.Read More
Are you wondering whether the tradies on your job are employees or contractors? Check out this video which sums it up in two minutesRead More
These days, nearly every aspect of running the business, apart from actually being “on the tools” can be done online.
Using the Internet to source and purchase materials is an efficient and cost effective alternative to taking a trip to the suppliers. A quick google search will let you compare prices from different suppliers throughout the country (and the world depending on what it is). The cost savings can have a significant impact on the bottom line.Read More
The construction sector makes up the largest number of small business owners in Australia, with over 300,000 business owners taking the leap and going it alone. But what are some of the questions you need to answer before you do, and what are some of the problems you will face? We spoke to some business owner and here is what we found.Read More
There are payment requirements in the building and construction industry that principals, general contractors, subcontractors and suppliers must follow. These are regulated by the Building and Construction Industry Security of Payment Act 1999 (the Act).
As a contractor providing goods or services as part of construction work, you're entitled to receive ‘progress payments’ for work delivered. It doesn’t matter whether a contract is verbal, written or non-existent, you’re still entitled to them.Read More
Hard times: The suicide scourge among Australia’s tradies was an article that appeared in the SMH’s Good Weekend last weekend by Peter Munro. It deeply saddened me and really hit a nerve. If you haven’t read it yet, please do now.Read More
There is nothing more frustrating for a construction sub contractor than posting a job, fielding calls, holding interviews, only for your hired man not to show up on the first day.Read More
The building and construction industry is still booming, particularly here in NSW, but most businesses, big and small, are feeling the effects of the skills shortage. Trades such as bricklaying, carpentry, painting and tiling are in high demand, and there are simply not enough skilled humans out there to do the work.
Moving away from the contacts in your phone book, we’ve highlighted 4 major benefits of hiring through an online platform such as ConX can have for your business:Read More