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The Business Advisory Blog

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Insight, news and updates from Alliott NZ Chartered Accountants, Auckland New Zealand. The views expressed here are the views of the author and should be discussed in further detail should an article be relevant to your individual circumstances.

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Subbies and Head Contractors take note

Posted by Anthony McIlroy on June 22nd, 2015.      0 comments

nz money 100s 50s generic n2-451Proposed changes to the Construction Contracts Act 2002 means better outcomes for trade industry subbies and head contractors trying to get paid on the completion of jobs. The proposed amendment to the Act means that retention monies previously withheld against potentially defective work will be more formally managed and accounted for correctly. The move sees subcontractors elevated from bottom-of-the-barrel status of being an unsecured creditor to a status that sits right up the top along with the likes of the IRD, which we think is great news!