The Payment Times Reporting Scheme is administered under the Payment Times Reporting Act 2020. Access the legislation and guidance, plus read about the history of the scheme.
The Payment Times Reporting Scheme is administered under the:
- Payment Times Reporting Act 2020
- Payment Times Reporting Rules 2020
- Payment Times Reporting (Form and Manner for Giving Report) Instrument 2021
Guidance
Guidance is available to help reporting entities to comply with their obligations and understand how the Regulator administers the Act.
Guidance notes provide detailed guidance and practical examples to assist reporting entities to comply with their obligations and understand how the regulator interprets the law.
Information sheets are short information documents on a specific process or function.
History of the scheme
In November 2018, the Australian Government announced it would implement a Payment Times Reporting Scheme.
In early 2019, consultation began on the design and development of the scheme, with involvement from large businesses, small businesses, industry groups and government agencies. Consultations included discussion papers, workshops, survey of small business stakeholders, targeted meetings and an exposure draft of the legislation and subordinate legislation.
The Payment Times Reporting Act 2020 received Royal Assent on 14 October 2020 and came into effect on 1 January 2021.
The scheme had a 12-month transition period to 31 December 2021 before compliance and enforcement powers commenced. Reporting entities were required to report during the transition period.
The Hon Dr Craig Emerson conducted an independent statutory review of the operation of the Act in the first half of 2023, consistent with requirements under section 57A of the Act, Dr Emerson provided the report from the review to the Hon Julie Collins MP, Minister for Small Business who released it on 31 August 2023.