The Australian Parliament passed the Bill to amend the Payment Times Reporting Act 2020 on 3 July 2024. The Bill and the Explanatory Memorandum are available on the Parliament House website.
The Bill implements the overhaul to the Act set out in the Government response to the Statutory Review of the Payment Times Reporting Act 2020 and delivers on the government’s commitment to improve small business payment times.
Payment times reports for reporting periods commencing after 1 July 2024 must be under the overhauled reporting framework. Amendments in the Bill include transitional arrangements that automatically give entities until 30 June 2025 to give new reports if they have one due before that date.
The Regulator is preparing interim information sheets and material to provide more information on how the amended legislation will impact reporting entities, key dates to be aware of and the support available to assist in transitioning to new requirements. The July edition of the Regulator’s Update will have more information about the changes to the Scheme and the next Liaison Forum in early September will be an opportunity to discuss the changes.
Send your enquiries on the Bill and the reforms to the Payment Times Reporting Scheme to: paymenttimesreformsSMB@treasury.gov.au