Large business requirement to report on small business payment terms

As detailed by Grant Wardell-Johnson & Jenny Wong, legislation before Parliament proposes to establish a new regulator, to report on small business payment terms and times by big business.

The Federal Government has introduced legislation which seeks to implement the requirement for large businesses groups and government enterprises with a total annual income of over $100 million to report on their small business payment terms and times.The Payment Times Reporting Bill 2020 and Payment Times Reporting (Consequential Amendments) Bill 2020, which were introduced in in May 2020, appear to be an effort to support small business in response to global COVID-19 pandemic.The Bills have...

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Authors: Grant Wardell-Johnson, Jenny Wong

Published Date: 16 July 2020