This document was authored by the then Department of Industry, Science, Energy and Resources as part of the Small Business portfolio policy functions which have since been transferred to the Treasury.
The Australian Government is introducing a new Payment Times Reporting Framework for large businesses with over $100 million in annual turnover. These businesses will be required to report information on how and when they pay their small business suppliers.
The framework aims to:
- increase transparency of the payment performance of large businesses so small businesses can make more informed decisions about their potential customers
- drive cultural change to improve payment times
The legislation to enable the reporting framework is proposed for introduction in the 2020 autumn sitting of Parliament.
We are seeking views on the draft legislation and the content of the proposed Minister’s Rules that would be made under the legislation. We particularly welcome the views of businesses on any implementation issues associated with the requirements set out in the legislation and the Rules.