ARE YOU READY FOR THE PAYMENT TIMES REPORTING SCHEME?

A new mandatory reporting requirement has been created, by the Australian Government, affecting large organisations operating in Australia, called the Payment Times Reporting Scheme.

The payment times reporting scheme commenced in Jan 2021 and affects businesses operating in Australia with an annual income of over $100m p.a. (or for companies who form part of a group whose own income exceeds $10m and the groups combined income exceeds $100m).

Established with a view to improve payment times for small Australian businesses, the scheme requires large businesses to provide reporting around your payment terms and practices for your small business suppliers.

Affected companies are currently in a transition period, but this transition period ends in December 2021. Reports must be filed every 6 months.

Ndevr has already assisted several of our Enterprise customers meet their reporting obligations with the development of standard reports.

For more information about the Australian Governments Mandatory reporting scheme around payment times to small business visit industry.gov.au