Guidance note 1: Key concepts

This guide sets out key concepts of the Payment Times Reporting Act 2020 (the Act). It provides information about the entities that are required to give a payment times report, the timing for reporting periods and what information needs to be reported.

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GN1: Key concepts [PDF 473 kB]

Contents

Reporting entities

  • Types of reporting entities
  • Constitutionally covered entities
  • Carrying on an enterprise in Australia
  • Income thresholds

Total income

  • Measurement
  • Foreign currency translation
  • Business combinations and control transactions

Reporting period

  • Income year
  • Determining reporting periods

Procurement

  • Small business procurement
  • Payment terms
  • Invoices

Governance

  • Principal governing body
  • Responsible member
  • Trusts, partnerships and unincorporated entities