The Albanese Labor Government is taking the next step to improve payment times for small businesses with the Draft Payment Times Reporting Rules released today for consultation.
The Rules will support the Payment Times Reporting (Amendment) Act 2024 (the Act) which passed Parliament earlier this month.
Reporting under the overhauled reporting requirements will ensure large businesses are held accountable for poor payment practices, but also to recognise fast payers.
Faster payment times alleviate administrative burdens and reduce financing costs for small businesses.
The resulting gains to productivity can support higher wages and profits and expand the range of economic and employment opportunities, with flow on effects across the economy.
Interested stakeholders are encouraged to provide a submission by Monday, 19 August 2024.
The draft legislative package is available on the Treasury.
Submissions can be emailed to PaymentTimesReformSMB@treasury.gov.au during the consultation period.
The reforms will commence in September 2024.
Improving payment times is just one way the Albanese Labor Government is supporting Australia’s small businesses.
The Government’s Small Business Statement outlines more than $640 million in targeted supports for small businesses to ease pressure, support small businesses to grow, and level the playing field.