Large businesses encouraged to register for payment times reporting scheme

Vince Dimasi and Andrew Bath outline what businesses need to be aware of, ahead of the new scheme beginning 1 January 2021.

The second Payment Times Reporting Bill received Royal Assent on 14 October 2020 and this means Australia now has a payment times reporting regime commencing on 1 January 2021.There is a new Federal Government webpage which at the moment has limited information but will be the source for any updates.Important milestonesSelf-identification for large businessesSome 4,500 large businesses have started to receive correspondence to advise them about the Payment Times Reporting Act and to ask them ...

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Authors: Vince Dimasi, Andrew Bath

Published Date: 10 November 2020