Australia: Consultation on amendments to payment times reporting rules
Consultation on the draft rules closes August 19, 2024.
Consultation on the draft rules closes August 19, 2024.
Treasury has opened consultation on draft legislation that contains technical matters related to the amended payment times reporting (PTR) scheme, following passage of the Payment Times Reporting (Amendment) Bill 2024 earlier this month. Read TaxNewsFlash
The draft legislation seeks to repeal the current 2020 rules to support the wider amendments made to the scheme by the amendment bill by prescribing the:
- Entity information that a reporting entity or a reporting nominee must provide to the regulator
- Information that must be included in a payment times report, including modified content requirements for special kinds of entities
- Method to determine whether an entity is a slow small business payer
- Meaning of a qualifying payment time of 20 days or less, for the purposes of determining a fast small business payer
- Information relating to the scheme that may or must be published on the register
- Transitional provisions for reporting periods beginning before July 1, 2024, with the 2020 rules continuing to apply, on and after July 1, 2024, to a payment times report for these reporting periods.
Consultation on the draft rules closes August 19, 2024.
The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organization. KPMG International Limited is a private English company limited by guarantee and does not provide services to clients. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. The information contained herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 3712, 1801 K Street NW, Washington, DC 20006.