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The Payment Times Reporting (PTR) Scheme was introduced on 1 January 2021, requiring large businesses to report on the payment terms, and invoice payment times for their small business suppliers.

On April 2, 2022, Australia and India signed the Australia-India Economic Cooperation and Trade Agreement, a significant step towards strengthening economic ties between the two countries. Valued at $12.6b, the agreement is expected to eliminate tariffs on more than 85% of Australian Goods Exported to India.

The Payment Times Reporting Scheme (PTRS) commenced on 1 January 2021, requiring organisations with an annual income over $100 million to report on the time it takes them to pay small business suppliers. The purpose of this scheme is to increase transparency around the payment terms offered by large businesses to small business suppliers, thereby creating incentives to improve payment times and practices.

The first Payment Times Reporting Register was published on 30 November 2021, and covered the reporting period 1 January 2021 to 30 June 2021.

With all that had been going on as 2020 closed out, it would have been easy to miss the introduction of a new reporting obligation placed on certain entities from 2021 forward.