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.