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 plans to introduce a new Payment Times Reporting Scheme for large businesses and large government enterprises with a total annual income of over $100 million to publicly report information on their small business payment terms and times. The scheme will:
The primary legislation to enable the Scheme was introduced to Parliament on 13 May 2020.
We are now seeking views on an Exposure Draft of the subordinate legislation, known as Rules, which will provide detail on how sections of the legislation work in practice. We particularly welcome the views of businesses on any implementation issues associated with the Rules.
Consultation Paper and Rules