The Payment Times Reporting Scheme aims to improve payment outcomes for small businesses. It creates transparency around the payment practices of large businesses.
Payment Times Reporting Scheme
Under the Payment Times Reporting Scheme, large businesses must report every 6 months on their payment times and terms to small businesses. These reports are made publicly available on the Payment Times Reports Register.
This gives small businesses (and members of the public) access to information on large businesses' payment performance. This helps small businesses make informed decisions about who they do business with. Making payment information available to the public also encourages large businesses to improve their payment times. The scheme doesn't set any payment terms or mandate payment times for large businesses.
The scheme commenced on 1 January 2021. We administer the scheme under the Payment Times Reporting Act 2020, Payment Times Reporting Rules 2020 and the Payment Times Reporting (Form and Manner for Giving Report) Instrument 2021.
Guidance to understand the scheme
This website provides information about the Payment Times Reporting Scheme including:
- who must report
- reporting requirements
- how to report
- how to view submitted report information
- how we monitor and enforce compliance.
There is also more detailed guidance on our Regulatory resources page to assist reporting entities to comply with their obligations and understand how we administer the Act.
Where appropriate, you should seek independent legal advice to ensure you comply with any requirements. The Regulator cannot provide you with advice on:
- how to comply with the scheme
- whether you need to report.
We update this guidance from time to time. Make sure you’re referring to the latest version.