Understand, prepare for and easily comply with the new Payment Times Reporting Act with KPMG’s market-leading approach.
While it may sound simple it’s much more complex to implement and comply with than you might expect…
The Payment Times Reporting Act 2020 is likely to be the most significant change to payment times and working capital ever experienced in Australia to date. This new reporting regime will require large businesses and government entities with total income greater than $100m to publicly report on their small business payment terms and practices. It is estimated that more than 9,000 reporting entities from large business groups will be required to file reports with the new Payment Times Regulator on a bi-annual basis. The first reporting window for many Australian businesses will commence on 1 January 2021.
In addition to potential fines for non-compliance, it presents a reputational risk as this data will be publicly available.
With many of the details and government guidance to be announced in the coming months, now is the time to start to understand these requirements, where issues may exist in your business, and consider what operational changes may be needed.
KPMG has a market-leading service to help you understand, prepare for and best comply with this new legislation.
Our Payment Times Reporting specialist will work closely with your team to deliver the right foundations for ongoing compliance.
We can help your team to understand the specific requirements of the Payment Times Reporting Act and what the key implications may be across your entire purchase to pay cycle.
We can assist you in identifying the key issues and gaps required for successful compliance across processes, systems, people and data and to make those changes to get your business ready.
Using our technology-enabled solution, we can help you to comply with reporting requirements in a wide-ranging, thorough and cost-efficient manner that may provide you and your board with peace of mind.
Contact us if you would like to know more about Payment Times Reporting, discuss how this will impact your business and how KPMG can assist.
Vince Dimasi outlines what businesses need to be aware of ahead of the new scheme beginning 1 January 2021.
What businesses need to be aware of ahead of the scheme beginning 1 January 2021.
Many corporates may find the reporting requirements challenging for various reasons. We outline actions to consider.
Corporates may find reporting requirements challenging. We outline actions to consider.