- The CA ANZ Business reform team are currently considering a number of consultations below
- Members are encouraged to share their insights to help shape our submission responses
We want your input - email us with your contributions
Connect with the Business Reform team. Members are encouraged to stay engaged in the consultation process and share suggestions and feedback.Contact us
MBIE’s proposal to mandate 20 day payment times for business
In February 2020, MBIE released the discussion paper ‘Improving business-to-business payments practices in New Zealand’ which proposed:
- Introducing a maximum payment term of 20 days (possibly with the option to contract out in specific circumstances)
- Introducing a right to interest and debt recovery fees to address late payments
These proposals, if introduced, are likely to apply to all organisations, including partnerships and trusts.
MBIE is currently undertaking a targeted consultation with a range of businesses and organisations, including Chartered Accountants Australia and New Zealand.
This follows the recent passing of legislation in Australia which requires large businesses to report on their small business payment times from January 2021.
Feedback can be provided to either the Business Reform team at email@example.com by COB Thursday, 17 September, or directly to MBIE at firstname.lastname@example.org by 9am Monday, 21 September.
Chartered Accountants Australia and New Zealand will also host an open discussion forum for members with the Small Business Team at MBIE. The forum will give members the opportunity to gain an overview of the current proposal from government officials, discuss the key impacts of these proposals on the business community and provide feedback directly into the consultation process.