Chartered Accountants Australia and New Zealand (CA ANZ) and CPA Australia have provided feedback on the updated guidance for the Payment Times Reporting Scheme, expressing concerns about the timing and implementation challenges.

• Concerns about Timing: Stakeholders are worried about the late finalisation of the updated guidance, expected in December 2024, which is close to the effective date of 1 January 2025. This period coincides with many businesses closing for the holidays, making it difficult to consider and implement necessary changes in time.
• Challenges with Consolidated Reporting: Entities with overseas subsidiaries face difficulties in obtaining relevant data, and large consolidated groups may struggle with translating extensive data for reporting. Additional time may be needed for these entities beyond the automatic extension provided in the new scheme.
• Need for Illustrative Guidance: The updated guidance lacks sufficient illustrative examples for consolidated entities. The Regulator is encouraged to engage with the Australian Accounting Standards Board (AASB) to streamline the application approach and provide clearer guidance.