Joint submission on updated guidance on Payment Times Reporting (PTR) scheme
CA ANZ and CPA Australia respond to updated guidance and raise concerns about effectiveness of scheme
In brief
- Draft guidance has been released by the PTR regulator
- Our joint submission provides general feedback on the PTR scheme
- We question the effectiveness of the PTR scheme to date
A consultation on draft updated guidance material was released in August 2022 by the Payment Times Reporting (PTR) Regulator (the regulator) (who administers the Payment Times Reporting Act 2020). The guidance has been updated as a result of screening payment times reports and reviewing enquiries received by the Regulator.
CA ANZ and CPA Australia jointly responded to the consultation and provided general feedback about the PTR scheme as well as targeted comments on areas of the updated guidance material and the practical application of some requirements.
In the joint submission we question the effectiveness of the PTR scheme to date and whether it is improving payment times and practices. We also share feedback that the approval process for PTRs is burdensome.
