The Payment Times Reporting Scheme took effect on 1 January 2024. It requires some large businesses (also known as ‘reporting entities’) to report their payment practices – which include payment times and payment terms – to small business suppliers every six months. This scheme was designed to assist small businesses in overcoming barriers to their working capital.

The reporting entities include Australian companies, foreign entities, partnerships, and trusts that have an enterprise in Australia and a total income of over $100 million. These reporting entities must not be registered charities. Reporting entities must lodge a Payment Times Reporting submission every six months. They will then have three months to compile and submit their report to the Payment Times Reporting Regulator through the web portal.

Reporting entities are required to provide the following details: