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 plans to introduce a new Payment Times Reporting Scheme for large businesses and large government enterprises with a total annual income of over $100 million to publicly report information on their small business payment terms and times. The scheme will:
- 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 primary legislation to enable the scheme was introduced to Parliament on 13 May 2020.
We are now seeking views on an Exposure Draft of the subordinate legislation, known as Rules, which will provide detail on how sections of the legislation work in practice. We particularly welcome the views of businesses on any implementation issues associated with the Rules.