CA ANZ has responded to Treasury’s Payment Times Reporting Rules 2024 (The Rules) exposure draft. The exposure draft outlines proposed changes to the Rules to support the Payment Times Reporting (Amendment) Bill 2024 which was enacted by Government earlier in 2024.

The amendments, which were recommendations from the statutory review conducted in 2023, aim to streamline reporting by allowing consolidated reporting and aligning definitions with existing legislation.

In our submission, we raise concerns relating to the lack of clarity for the practical application of consolidated reporting as well as the need for supporting guidance and an increase in public awareness and education.