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Here’s what you need to know about the Payment Times Reporting Act

The Payment Times Reporting Act (PTR) commenced on January 1, 2021, and affected large Australian businesses and some government entities. The legislation is estimated to impact more than 12,000 PTR Reporting Entities (RE) from large business groups. If examples of other similar regimes across the globe are anything to go by, reporting could have ramifications across your business. The Act requires reporting entities to publicly report on their payment terms and times with small suppliers, which