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Small Business
06 Jun 2024
Payment times amendments pass Lower House
The Payment Times Reporting Amendment Bill 2024 has passed the House of Representatives unamended. However, the opposition has flagged its intention to move amendments once the Bill moves to the Senate.
The Bill will implement recommendations from the statutory review conducted last year and give the Minister for Small Business the power to issue a ‘slow small business payer’ direction to the slowest 20 per cent of small business payers.
A significant component of these reforms remains, with the rules yet to be publicly released.
The rules will contain several important provisions, including what information will be reported and more detail on defining the slowest 20 per cent.
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