Payment Times Reports Register 

Today, the Payment Times Reporting Regulator released a new Payment Times Reports Register.

The new and improved Register is part of the Government’s commitment to improve the Payment Times Reporting Scheme, promoting a culture of prompt payment practices that supports small businesses being paid on time.

New functionality and better accessibility to Register information delivers the Government’s response to Dr Emerson’s recommendation to enhance the presentation of payment times data. Users now have interactive tools to compare and draw insights from payment times data. Improved data displays create incentives for faster payment and fairer practices to small business by shining a light on poor payment performance and highlighting exemplars.

Payment Times Reporting Rules 2024 

The release of the new Register coincides with the commencement of the Payment Times Reporting Rules 2024. These Rules replace the Payment Times Reporting Rules 2020 and apply to reporting periods starting on or after 1 July 2024. Requirements under the old Rules will still apply to reporting periods that commenced before 1 July 2024. 

The new Rules contain technical matters such as reporting content and calculation methodologies required for payment times reporting. Entities should familiarise themselves with their legal obligations under the reforms and be alert to the consultation that will take place in the coming months that will align the Regulator’s guidance material with new legislation and Rules.