First Payment Times Reporting Scheme deadline is fast approaching – are you ready to report?

With the first reporting requirement for many large businesses due on 30 September 2021, many corporates are finding the process complex. Compliance and reputational risk can be at stake and with large penalties for non-compliance in the future – it’s important to get this right.

As a key part of the Federal Government’s commitment to improving cash flow and liquidity for small businesses, the Payment Times Reporting Scheme (PTRS) aims to increase transparency over how large businesses are dealing with small business suppliers and managing payments to them. Who must report? A ‘constitutionally covered entity’ becomes a reporting entity at the start of its income tax year if it carries on an enterprise in Australia; satisfies a ‘total income’ threshold for the most r...

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Authors: Vince Dimasi, Alia Lum,

Published Date: 08 September 2021