Reforms to the Scheme are almost here
The reforms to the Payment Times Reporting Scheme take effect from 7 September 2024, including new Regulator powers and some application types. You can read about the changes to the Scheme and what’s new in Information sheet 10: Reforms to Payment Times Reporting.
These reforms will not change how reports for the reporting period ending 30 June 2024 are prepared and submitted and the existing guidance still applies. Information sheet 9: Transition to the new Scheme explains the transitional arrangements in place for the reporting periods commencing on 1 July 2024 and after.
Portal will be offline for reform updates
The portal will be unavailable from 5:00pm AEST on Friday, 6 September until 9:00am on Monday, 9 September AEST for system updates to support the reforms. You will not be able to run the Small Business Identification Tool, submit payment times reports, lodge applications for extensions of time to report or access the portal during this time.
Reports are due by 30 September 2024
You should make any requests to update details in the portal before 17 September 2024. The Regulator cannot guarantee that change requests received after this date can be actioned before the reporting deadline.
Use the Regulator’s website to request:
- Changes to group structures: Reporting entities can submit a request to link registered entities in the portal for group reporting.
- Changes to entity names: If the entity name in the portal does not match the Australian Business Register, reporting entities can request an entity name to be amended in the portal.
Remember to check that the nominated contact field in the portal is up to date. Use the ‘Manage profile’ tab by clicking the person icon in the top right corner in the portal.
Applications for an extension of time
From Monday 9 September, you will make your applications for extensions of time to report through new features in the portal. Entities can apply for a short extension of up to 28 days without providing supporting evidence. Entities applying for an extension of longer than 28 days must include evidence supporting the circumstances in the application.
You are encouraged to lodge your application for an extension of time by 17 September 2024 for advice of the outcome before the reporting deadline.
Keep an eye on the Payment Times Reporting Regulator’s website in coming weeks for more information about the improvements to the portal. If you have questions about your current reporting obligations or the reforms and transition period, please contact the Regulator or email us at support@paymenttimes.gov.au