Payment Times Reporting Act 2020 primary legislation amendments

Payment Times Reporting Scheme

In the 2023‑24 Mid‑Year Economic and Fiscal Outlook, the Australian Government announced it would implement the Government’s response to the recommendations from the Statutory Review of the Payment Times Reporting Act 2020.

This Bill implements the overhaul set out in the Government response to the Statutory Review of the Payment Times Reporting Act 2020 and delivers the government’s commitment to improve small business payment times.

The proposed reforms will:

• reduce regulatory burdens for reporting entities with obligations under the Act
• introduce additional incentives for large businesses to improve payment times to small businesses
• streamline processes and remove inefficiencies in the current version of the Act.

Consultation on supporting amendments to the Payment Times Reporting Rules 2020 is expected to follow.

Have your say

The government is seeking stakeholder views on the exposure draft primary legislation and supporting explanatory memorandum that will amend the Payment Times Reporting Act 2020.