From kpmg.com: The Payment Times Reporting Scheme, established in January 2021, mandates large businesses with an annual taxable income over $100 million to publicly report their payment practices to small business suppliers, fostering transparency and timely payments.

Over 72,000 reports have been submitted, and the scheme aims to incentivize better payment practices among large businesses while imposing penalties for non-compliance.

Large businesses must prepare for bi-annual reporting by ensuring proper data handling and stakeholder approvals to meet compliance requirements effectively.