Commencement of the reformed Payment Times Reporting Scheme

Date
9 September 2024

Reforms to the Payment Times Reporting Scheme under the Payment Times Reporting Amendment Act 2024 came into effect on 7 September 2024.

Changes commencing 7 September 2024

Amendments overhaul reporting under the Scheme, give the Regulator new powers and functions and implement incentives for reporting entities to improve their payment times.

The Regulator has published two information sheets to assist reporting entities with transitioning to the new Scheme:
•    Information sheet 9: Transition to the new Scheme
•    Information sheet 10: Reforms to Payment Times Reporting.

Reporting

Reports for any reporting period commencing on or after 1 July 2024 must be submitted under the new reporting framework.

There is an automatic extension for reporting entities to adjust to new requirements and reports under the new reporting framework are not due until 30 June 2025. Please see Information sheet 9 for more information on transitional arrangements for the first reporting period under new requirements.

Obligations under the old reporting framework continue to apply for reporting periods that began before 1 July 2024.

Payment Times Reporting Rules

The Payment Times Reporting Rules will be replaced shortly to align with the amended Act. 

Updates on the finalisation of Rules will be provided via the Regulator’s news site.

Guidance

The Regulator is overhauling current guidance materials to align with the amended Act. This process will include public consultation and provide an opportunity for entities to engage with the new requirements and give feedback. 

Updates on the guidance consultation will be provided via the Regulator’s news site.

If you have enquiries about the reforms to the Payment Times Reporting Scheme, please contact the Regulator.