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The payment times reporting schemes

Businesses with income exceeding $10million annually that have small business suppliers are required to report their payment times to the Payment Times Reporting Scheme.

The Payment Times Reporting Scheme was introduced in 2021 and requires eligible businesses to report the payment terms and times when dealing with small businesses. The aim of the scheme is to improve payment outcomes for small businesses.

Who needs to report?

There are a number of criteria that determine who is required to report, including the type of business structure and annual income thresholds.

Find out more about who needs to report

Income threshold

Reporting entities are large businesses in Australia that have: 

  • a total income of $100m or more per annum; or
  • a total annual income of $100m or more for an entity that is a controlling corporation; or
  • a total annual income of at least $10m for an entity that’s a member of a controlling corporation group that has a total combined income of more than $100m.

Find out more about the income thresholds.

Group structures 

Is your company a member of a corporate structure? If yes, you may still be caught by the payment times reporting scheme if you fall within the above income thresholds.

There is guidance material available for entities who are part of a corporate group.

Reporting requirements 

It is recommended that all reporting entities review the Guidance note 2: Preparing a payment times report before completing and submitting a report. 

Reporting period

If eligible, you must prepare and submit reports every 6 months through the Payment Times Reporting Portal. The timing of lodgement is dependent on the reporting entity’s income year, which is based on the financial year used for tax purposes.

Find out more about reporting period requirements.

What is in a report?

A template report is available. In order to complete the report, businesses should have the following information available:

  • Entity name and ABN, including details of any controlling corporation or head entities.
  • Primary industry
  • Reporting period
  • Details of who submitted the report and who approved it
  • The principal governing body of the entity
  • A declaration by a responsible member
  • Standard payment periods
  • Small business invoices paid.

Find out more about what is in a report?

What needs to be reported?

Businesses are required to report on an invoice payment if all of the following apply:

  • The invoice relates to supply of goods or services from a small business supplier; and
  • The business procured the goods or services from the small business supplier under a trade credit arrangement; and
  • The business is contractually obliged to pay the invoice.

Find out more about which invoices are required to be reported

What happens if you fail to report 

If you are required to report, but fail to do so, there are several compliance and enforcement tools which may be applied to you. This includes:

  • Civil penalties imposed by a court
  • Infringement notices for civil penalty offences
  • Compliance audits for any aspect of non-compliance
  • Publishing a failure to comply which will identify your business and the non-compliance
  • Guidance letters explaining what compliance action may be taken if non-compliance is not remedied
  • Education and guidance materials to raise awareness of the requirements and how to comply.

Find out more about compliance and enforcement.

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