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The Payment Times Reporting Scheme Guide

INTRODUCTION

Slow payment is a significant problem for Australia’s 3.5 million small businesses. The inability to fund the shortfall in cash flow due to late payment is a contributing factor in insolvency. Normalising a 30-day payment cycle is estimated to have an estimated net annual benefit to the economy of $313 million per year.

The Payment Times Reporting Act 2020 commenced on 1 January 2021. The purposes of the Act are to require large businesses to report their payment terms and practices and to make that information publicly available. In this e-Book, John Hodgkinson highlights the key requirements of the Act, as well as consequences for non-compliance.

 

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“The Payment Times Reporting Scheme Guide”

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This communication is sent by Kreisson Legal Pty Limited (ACN 113 986 824). This communication has been prepared for the general information of clients and professional associates of Kreisson Legal. You should not rely on the contents. It is not legal advice and should not be regarded as a substitute for legal advice. The contents may contain copyright.