Payment Times Reporting Act 2020

PART 6 - MISCELLANEOUS

Division 4 - Other matters

SECTION 57B

57B REQUIREMENTS FOR REVIEW
Without limiting section 57A , the review must consider the following:

(a) whether the operation of this Act is meeting the objects set out in section 3 ;

(b) whether related government policies, including policies relating to electronic invoicing, have improved the payment terms, times and practices of reporting entities in relation to their small business suppliers;

(c) whether other measures such as mandating one or more maximum periods (the mandated maximum payment periods ) for the payment of small business invoices by reporting entities would be more effective in improving those payment terms, times and practices.

View history note

57B(2)
(Repealed by No 65 of 2024)

View history note

History

S 57B(2) repealed by No 65 of 2024, s 3 and Sch 1 item 84, effective 7 September 2024.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.

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