Date posted: 6/03/2020 2 min read

Joint submission on Payment Times Reporting Framework

Small businesses deserve to be paid promptly. However, the proposed payment times reporting framework is overly bureaucratic.

CA ANZ and CPA Australia have lodged a joint submission regarding the exposure draft for the payment times reporting framework. The submission calls for:

  • Key terms, such as what is a small business, who is the regulator and what is to be reported, to be defined in the legislation.
  • The definition of large business, which is currently defined by reference to assessable income, to be replaced.
  • Greater clarity about what is a small business. Currently that is left to legislative instruments that then rely on an undeveloped Payment Times Reporting Small Business Identification Tool
  • The size of penalties to be reconsidered along with the introduction of a power to remit penalties and a cap for some penalties.
  • Delay in the start date until guidance material can be produced and adequately communicated.

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