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Payment Times Reporting Scheme 2021
Does someone know what to do the regulatory report called "Payment Times Reporting Scheme"? I raised a service request with Oracle and it wasn't on their road map. The first submission is due between 1st July 2021 and 30 September 2021. In short, The Department of Industry, Service, Energy and Resources wants to know how much and how long it takes businesses to pay small suppliers.
It sounds it will have to be done manually?
The scheme affects:
• large businesses with a total annual income of over $100 million
• controlling corporations where the combined total annual income for all members is more than $100 million
• businesses with a total annual income of at least $10 million that are part of a group headed by a controlling corporation with a collective income greater than $100 million.
If your business falls into one of these categories, you will be required to report on the payment terms and practices for your small business suppliers as soon as 1 July 2021.
Small businesses are identified by the Department of Industry, Service, Energy and Resources (https://www.industry.gov.au/data-and-publications/payment-times-reporting-scheme-guidance-for-reporting-entities/how-to-report/small-business-identification-tool)