The scheme applies to businesses that:
- are constitutionally-covered;
- carry on an enterprise in Australia;
- meet the income threshold of over $100 million in total annual income; and
- have a total annual income greater than $10 million and that are members of a group headed by a controlling corporation with a combined total income greater than $100 million.
Commonwealth corporate entities and Commonwealth companies who meet the income threshold are also required to report.
If a business meets the criteria, it is required to report the payment terms and practices for its small business suppliers. ‘Payment times reports’ must be submitted online twice per year.
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Author: David Jacobson
Principal, Bright Corporate Law
About David Jacobson
The information contained in this article is not legal advice. It is not to be relied upon as a full statement of the law. You should seek professional advice for your specific needs and circumstances before acting or relying on any of the content.