Payment Times - Business Guide

This Business Guide is for internal use by Consult Australia member businesses. It provides an overview of the Payment Times Reporting Act 2020 (Cth) (as at May 2021) and the broader issue of efficient payment times. The Act requires certain large businesses to report on their payment periods to provide transparency for small businesses dealing with those larger businesses and to generally encourage more efficient payment times across all sectors. The government acknowledged that drawn-out payment times are detrimental not only to the business awaiting payment, but also the economy.