✦ Plain-English Summary

Payment Times Reporting Bill 2020

What it does

Large companies and organisations have to publicly report how quickly they pay their suppliers and smaller businesses. These reports get registered in a public database so anyone can see payment practices. There are penalties for companies that don't report or give false information.

Why it matters

Small businesses often struggle with cash flow because big companies take months to pay their invoices. This transparency puts pressure on large employers to pay faster and treat their smaller suppliers fairly, which helps small business survival and the broader economy.

Key details

• Who's affected: Large corporations, government agencies, and other "reporting entities" (the bill defines specific size thresholds) must participate
• The register: All payment reports go into a public Payment Times Reports Register that anyone can access to check a company's payment track record
• Enforcement: Companies face civil penalties for failing to report or submitting false/misleading information; there's also a "Payment Times Reporting Regulator" with powers to investigate and audit compliance

Official Description

Introduced with the Payment Times Reporting (Consequential Amendments) Bill 2020, the bill establishes a Payment Times Reporting Scheme which requires businesses and government enterprises with an annual total income of over $100 million to biannually report on their payment terms and practices for their small business suppliers.

Committee Referrals

Senate Standing Committee for the Scrutiny of Bills; Senate Education and Employment Legislation Committee

No formal division recorded

This bill passed by voice vote — parliament agreed without calling a formal count. A division is only recorded when a member explicitly requests one.

No votes yet.

No votes were recorded for this bill.