The small business function transferred to the Department of Industry, Science, Energy and Resources as a result of the Administrative Arrangements Order made on 5 December 2019 with effect from 1 February 2020.
The Australian Government is introducing a new Payment Times Reporting Framework for large businesses with over $100 million in annual turnover. These businesses will be required to report information on how and when they pay their small business suppliers.
The Framework aims to:
The legislation to enable the reporting framework is proposed for introduction in the 2020 autumn sitting of Parliament.
We are seeking views on the draft legislation and the content of the proposed Minister’s Rules that would be made under the legislation. We particularly welcome the views of businesses on any implementation issues associated with the requirements set out in the legislation and the Rules.
Consultation Paper and Legislation