The Department of Industry, Science, Energy and Resources has alerted large Government enterprises and big businesses that its Payment Times Reporting Scheme (PTRS) is due to begin on 1 January 2021.
The Department said the PTRS requires large Government enterprises to report on their payment terms and times with small business, helping the small businesses receive faster and fairer payment times.
It said guidance material would be released before the 1 January deadline.
“This will include detailed information on the businesses required to report; submitting reports; reporting periods; what information is required in payment reports; the Small Business Identification Tool and the reporting portal,” the Department said.
It said the guidance would also cover providing business details; compliance requirements; penalties for non-compliance; and conditions for extensions and exclusions.
It said self-registration for businesses would be available in December.
“You will be able to provide your business details in the reporting portal, and by December, a Small Business Identification tool will also be available,” the Department said.
“This will help you identify which of your suppliers are small businesses,” it said.
“Full reporting capability in the portal will be available in April 2021.”
The Department said the PTRS would also increase transparency around large business’ payment performance; help small businesses decide who to do business with; create incentives for improved payment times and practices; and help the public make decisions about the large businesses they buy from.
More information about PTRS can be accessed on the Department’s website at this PS News link.
