Late payment disclosure regime should be focused on third parties say business

Half of all invoices owed to small businesses are paid late. (Image: Getty)

Wed, 01 Feb 2023

The business community appears to be broadly in favour of the government’s proposed disclosure regime for late payments, but they want related party payments removed from the scope.The Business Payments Practices Bill would require large companies to publicly report their payment practices, particularly late payments, and the length of time between the receipt of invoices and full payment.The information would be submitted twice a year, in line with similar Australian and British regimes.How big is big?The bill proposes to define a compan...

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