Payment times reporting regime now law: Immediate actions to consider

Many corporates may find the reporting requirements challenging for various reasons, including the complex definitional aspects of the legislation, writes Vince Dimasi.

Australia now has a new payment times reporting (PTR) regime, beginning 1 January 2021.See briefing document: Payment times reporting – legislation in placeBoth PTR Acts have now passed the Parliament and received Royal Assent.It is estimated that over 9,000 PTR Reporting Entities (REs) from large business groups would be required to file reports with the new Payment Times Reporting Regulator (Regulator) on a bi-annual basis.The Acts to implement the PTR regime (Payment Times Reporting Act 20...

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Authors: Vince Dimasi, Andrew Bath

Published Date: 04 November 2020