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  • The findings of a national review on the building and construction industry has been revealed. (Photodisc)
From an ATO performance review, to a drop in late payment times, here's what's making headlines in the small business world this week.
Source:
SBS Small Business Secrets
24 May - 3:56 PM  UPDATED 25 May - 4:32 PM

Building and construction industry review

A review of the building and construction industry has found that more protection is needed for sub-contractors.

It also recommended a statutory trust model for the contractual payment chain on construction projects over $1 million, plus a program of industry-wide education and training.

The move was welcomed by the Australian Small Business and Family Enterprise Ombudsman.

Late payment times improved

A new report by research house Illion shows that late payment times have fallen to 11.7 days for small business during the first quarter of 2018.

Illion‘s analysis showed the March quarter average was down 23.5 % annually, from 15.3 days during the same quarter last year.

That means 68 per cent of small businesses are paying their bills on time.

ATO performance review hearing

With just a month to go until the end of the financial year, the House Tax and Revenue Committee held a round-table discussion on Australia’s tax services this week.

It’s the second phase of its review into the performance of the tax office for the 2016-17 financial year.

The committee is examining the delivery of upgraded lodgement services to tax professionals and small businesses.

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