Module Scope
Is the entity a ‘reporting entity’ under the Payment Times Reporting Scheme, and does it understand and comply with its mandatory reporting obligations?
Does the reporting entity report the necessary detailed information about its payment practices in respect of its dealings with small business suppliers?
Does the reporting entity comply with its specific disclosure obligations (which are dependent on whether it is classified as a slow small business payer or a fast small business payer)?
Does the reporting entity maintain records, comply with audits, and allow regulatory monitoring and investigations in accordance with the Payment Times Reporting Scheme?
Does the reporting entity know what types of decision, made by the regulator, are eligible for review and how such a review/appeal may be pursued?
Module Application
The PAYMENT TIMES REPORTING module is designed to assist entities to navigate their legal responsibilities under the Payment Times Reporting Scheme.
Specifically, this module assists entities to:
- determine if they qualify as reporting entities (or reporting nominees, volunteering entities, subsidiary reporting entities, or exempt entities) based on their business activities, revenue, and corporate structure
- understand what information needs to be reported to the Payment Times Reporting Regulator in respect of their payment practices to small business suppliers, as well as the specific requirements they need to follow in connection with reporting periods, technical content, and submission deadlines
- be aware of, and comply with, specific disclosure obligations based on their payment performance classification, including enhanced requirements for slow payers, ministerial directions for publishing payment status, and restrictions on claiming fast payer status without obtaining the necessary official recognition
- comply with their recordkeeping obligations, compliance audits, as well as regulatory monitoring and investigations carried out by the Regulator
- understand, and comply with, the prescribed processes for challenging reviewable decisions made under the Payment Times Reporting Scheme
The PAYMENT TIMES REPORTING module should be subscribed to by all Australian entities that satisfy the definition of a ‘reporting entity,’ or those classified as volunteering entities and subsidiary reporting entities, under the Payment Times Reporting Scheme.
The aim of this module is to equip the subscriber with knowledge of their reporting obligations and the systems and processes necessary to ensure compliance throughout their organisation.
Entities that fail to comply with the Payment Times Reporting Scheme requirements may incur significant civil penalties, as well as have details of their non-compliance published on the Payment Times Reporting Register, depending on the nature of the failure.