Today the Payment Times Reporting Regulator (the Regulator) published the final version of its updated guidance materials.
The updated materials provide principles-based guidance to help reporting entities meet their obligations and understand the expectations of the Regulator when administering the Payment Times Reporting Act 2020.
The three new guidance notes include:
- Guidance note 1: Key concepts
- Guidance note 2: Preparing a payment times report
- Guidance note 3: Applications and notifications.
What changed during the consultation process?
A total of 214 pieces of feedback were received from 22 respondents during the six-week consultation period.
Some of the changes included:
- changes to ‘total income’ to align with tax reporting definitions more closely.
- clarifying examples originally provided
- including additional information from existing guidance available on the website.
For full details on the consultation process, including our review process and feedback received, view our Consultation response summary.
Additional regulatory resources
We also received general feedback about the technical nature and complexity of the Act during the consultation period.
To address this, we developed five additional information sheets to simplify complex concepts and provide succinct explanations, practical examples and clearer processes.
The additional information sheets include:
- Information sheet 3: Who must report
- Information sheet 4: Corporate groups
- Information sheet 5: Acquisitions, Divestments and Winding Up
- Information sheet 6: Small Business Identification Tool
- Information sheet 7: Our regulatory powers.
These new resources add to our existing information sheets:
- Information sheet 1: Our approach to Regulation
- Information sheet 2: Regulator decisions – Your rights
Using the new guidance materials
All materials can now be downloaded from the regulatory resources page. You will see changes to the existing information on this website over the coming weeks.
To support reporting entities in using the new materials, we will not take compliance action where an entity relied on either existing website guidance or the draft guidance materials for any report submitted up to 31 December 2022.