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.