About

Legislation

The Payment Times Reporting Scheme is administered under the:

Payment Times Reporting Rules 2024

The Payment Times Reporting Rules 2024 replace the Payment Times Reporting Rules 2020.

They apply to reporting periods starting on or after 1 July 2024.

The new Rules contain technical matters such as reporting content and calculation methodologies required for payment times reporting.

Requirements under the old Rules apply to reporting periods that commenced before 1 July 2024.

2024 Amendment Act

The Payment Times Reporting Amendment Act 2024 received Royal Assent on 9 July 2024.

Its provisions commenced on 7 September 2024 and must be read alongside the Payment Times Reporting Act 2020.

Scheme history

In November 2018, the Australian Government announced implementing the Payment Times Reporting Scheme.

Consultations

In early 2019, consultation began on the design and development of the scheme. Large and small businesses, industry groups and government agencies were involved.

Consultations included:

  • discussion papers
  • workshops
  • small business stakeholders survey
  • targeted meetings
  • legislation and subordinate legislation exposure drafts.

For full details, visit Treasury’s Payment Times Reporting Scheme.

2020 Act

The Payment Times Reporting Act 2020 (Act) received Royal Assent on 14 October 2020. It came into effect on 1 January 2021.

Transition period

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.

2023 review

In the first half of 2023, the Hon Dr Craig Emerson conducted an independent Statutory Review of the Payment Times Reporting Act 2020 (Review).

This was consistent with requirements under section 57A of the Act.

Final report

In June 2023, Dr Emerson gave the government his final report.

Government response

On 5 December 2023, the government released its response to the Review.

It accepted all 14 recommendations and committed to initiatives to deliver better payment outcomes for Australian small businesses. It included overhauling the Act and associated Rules to:

  • simplify and streamline reporting
  • add proportionate regulatory powers and
  • improve transparency for entities reporting under the Scheme.

2024 amendment bill

The Payment Times Reporting Amendment Bill 2024 was introduced to the House of Representatives on 29 May 2024.

The Bill was amended in the Senate before passing both the Senate and the House on 3 July 2024.