The finance team’s guide to Payment Times Reporting
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- What is the scheme
- Why it was introduced
- Which organisations need to comply
- Data that needs to be reported
- When reports are submitted
- How to submit reports
- Non-compliance consequences
The purpose of the scheme is to help ensure that small businesses receive timely payments for invoices issued to large enterprises.
Ensuring large enterprises pay their small business suppliers in a timely manner will address one of the key
risks the sector faces.
PTRS applies to any large businesses or government enterprises with annual revenues exceeding $100 million in the previous income year.
Enterprises covered by PTRS must submit reports on their payment terms and practices for their small business suppliers.
There are two PTRS reporting windows each year. The initial covers the first 6 months of the income year,
the latter covers the second 6 months of the income year.
Reports submitted through the portal are publicly accessible.
Large enterprises that fail to comply with the Payment Times Reporting rules may face financial penalties.
Frequently Asked Questions
What is the payment times reporting scheme?
Under the Payment Times Reporting Scheme, large businesses and large government enterprises are required to report their small business payment terms and times.
Who does this apply to?
Large entities and government enterprises where:
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Income of more than $100 million per year;
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Income greater than $10m per annum, if the entity is part of a group with combined income exceeding $100m per annum.
How to report?
The Payment Times Reporting Portal allows businesses and other reporting entities to submit payment reports.
Additionally, the portal provides access to the Small Business Identification tool – to assist reporting entities in identifying their small business suppliers.
What needs to be reported
Details include standard payment periods to small businesses
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Less than 21 days
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21-30 days
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31-60 days
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61-90 days
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91-120 days
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120+ days
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