From kpmg.com: Australia’s Payment Times Reporting Scheme mandates large businesses and some government entities to report their payment terms and times to small business suppliers bi-annually.

Recent reforms under the Payment Times Reporting Amendment Act 2024 have updated submission requirements and compliance thresholds, now including the consolidation of foreign subsidiary revenues.

Entities face reputational risks and potential penalties for non-compliance, while the introduction of designations such as Slow and Fast Small Business Payer aims to promote better payment practices.