This guide sets out key concepts of the Payment Times Reporting Act 2020 (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