Members may recall from a AADA bulletin in May of last year, about Government plans to introduce the Payment Times Reporting Scheme (PTRS).
Under this scheme, businesses with total annual income of over $100 million and large government enterprises are required to report their small business payment terms and times. Reporting is required twice a year and is performed online through a government portal.
The first payment times reports will fall due on 1 July 2021 for reporting entities and will have to be lodged by 30 September 2021.
Members who are affected by this new legislation are advised to be aware of it and prepare accordingly. Recent media reports indicate that some affected businesses are unaware of the new legislation and the obligations on big business that it creates.
The following links provide further information on the scheme and links to the PTRS portal.