The Payment Times Reporting Scheme Guide
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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