Payment Times Reporting Act 2020

S 57B(1) amended by No 65 of 2024, s 3 and Sch 1 items 82 and 83, by omitting " (1) " before " Without limiting " and inserting " , times " in para (b) and (c), effective 7 September 2024. For application and transitional provisions, see note under s 3 .

S 57B(2) repealed by No 65 of 2024, s 3 and Sch 1 item 84, effective 7 September 2024. For application and transitional provisions, see note under s 3 . S 57B(2) formerly read:

57B(2)
In considering mandated maximum payment periods, the review must consider the following:
(a) how mandated maximum payment periods could best be implemented, taking into account:

(i) potential regulatory burdens on reporting entities; and

(ii) the need to avoid unintended consequences for small businesses;

(b) the mandated maximum payment periods that would be appropriate to improve payment terms and practices, including:

(i) whether mandated maximum payment periods of 30 days, 20 days, or 10 days or less would be appropriate; and

(ii) whether mandated maximum payment periods of 5 days would be appropriate if electronic invoicing were used;

(c) the impact of sector or industry-specific differences, including how mandated maximum payment periods could be imposed on sectors and industries with differing payment terms and practices;
(d) the compliance or enforcement arrangements that would be appropriate to support mandated maximum payment periods, including whether a penalty regime should be established for the following purposes:

(i) to require a reporting entity to pay small business invoices issued to the entity within a specified period, if the entity has a median payment period for small business invoices issued to the entity that is longer than the mandated maximum payment period;

(ii) to require a reporting entity that has failed to pay a small business invoice issued to the entity within the period specified in the terms of the relevant contract to pay interest on that payment.