Today the Payment Times Reporting Regulator (the Regulator) published two information sheets that describe, at a high-level, the reforms in the Payment Times Reporting (Amendment) Act 2024 that was passed by Parliament earlier this month.
The two information sheets are:
- Information sheet 9: Transition to the new Scheme.
- Information sheet 10: Reforms to Payment Times Reporting.
These information sheets assist reporting entities with the transition to the new Scheme while the Regulator develops new guidance materials.
The Regulator will consult on updated guidance materials and provide an opportunity for entities to meaningfully engage and understand the new requirements as part of this process. Updates on timing of the process will be provided via the Regulator’s news site as draft materials are made available for consultation.
Reporting entities should continue to use existing guidance for reporting periods that begin prior to 1 July 2024.
If you have enquiries about the reforms or the transition to the new Scheme, you can contact the Regulator.