The Payment Times Reporting Bill 2020 was tabled in Australian Parliament 13 May. The Business Council of Australia has over 100 signatories signed up to their Australian Supplier Payment Code.
There is mounting evidence that by 2021 any company in Australia turning over more than $100m will be required by law to pay their small business suppliers within 30 days. And report on their payment performance.
But how do you identify who is actually a small business in your supply chain? And what are the business risks and regulatory repercussions if you don’t manage this properly?