Lodge Payment Times Reports (large business)
Large businesses (>$100M revenue) must report payment times to small business suppliers every 6 months.
Who must comply
Reporting entities with annual income >$100M.
What triggers it
Meeting the income threshold.
When due
Twice yearly: 3 months after end of each 6-month reporting period.
Evidence required
Report submitted via Payment Times Reporting Portal; supporting payment data.
Max penalty
Civil penalties up to ~$16.65M (corporations) for failure to report or false statements
Summary
The Payment Times Reporting Act 2020 (Cth) requires entities (or members of consolidated groups) with consolidated income above $100M to report payment terms and times to small business suppliers. Reports submitted to the Regulator twice yearly. Slowest payers named publicly.
Enforced by
Source legislation
Topics
Source: https://paymenttimes.gov.au. Rules Mate is not a law firm. Always verify against the live regulator source before acting.