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  • Payment Times Reporting Scheme

    On 1 January 2021 the Australian Government introduced the Payment Times Reporting Scheme (PTRS) which aims to improve payment times for Australian small businesses.

    The scheme requires large businesses and large government enterprises with a total annual income of over $100 million to report on the payment terms and times for their small business suppliers.

    The scheme:

    • increases transparency around large business’ payment performance
    • helps small businesses decide who to do business with
    • creates incentives for improved payment times and practices
    • helps the public make decisions about the large businesses they buy from.

    Australian small businesses will now have more information on how large businesses pay their small business providers.

    This will help small businesses and the general public make more informed decisions when considering who to do business with. Greater transparency on payment times and performance will also encourage cultural change to improve payment times.

    The Scheme has a 12-month transition period before compliance and enforcement measures apply with the transition period ending in December 2021. All reporting entities are still required to report during this period.

    See also  

    Payment Times Reporting SchemeExternal Link

    Last modified: 01 Jul 2021QC 66155