The federal government has registered the updated payment times reporting (PTR) rules and launched the PTR register. The Payment Times Reporting Rules 2024 replace the 2020 rules to align with the broader amendments introduced by the Payment Times Reporting Amendment Act 2024.
The new 2024 rules provide:
- Entity information that a reporting entity or a reporting nominee must provide to the PTR 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 PTR scheme that may or must be published on the PTR 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
Additionally, Treasury has launched the PTR register and dashboard.