This instrument is the Payment Times Reporting Rules 2024.

(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provisions	Commencement	Date/Details
1. The whole of this instrument	The day after this instrument is registered.

Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3 Authority

This instrument is made under the Payment Times Reporting Act 2020.

Note: Section 58 of the Act provides that the Minister may, by legislative instrument, make rules prescribing matters required or permitted by the Act to be prescribed, or necessary or convenient to be prescribed for carrying out or giving effect to the Act.

4 Schedules

Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

5 Definitions

Note: Expressions have the same meaning in this instrument as in the Payment Times Reporting Act 2020 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.

In this instrument:

95th percentile payment time:

(a) in relation to a reporting period—has the meaning given by paragraph 13(2)(d); and

(b) in relation to a reporting cycle—has the meaning given by section 16.

AASB 8 means:

(a) the AASB 8 - Operating Segments - August 2015 [F2015L01606] (as amended and in force from time to time); or

(b) if that instrument is repealed and remade, with or without modifications—the remade instrument.

Note: AASB 8 is an accounting standard.

ABN has the same meaning as in the A New Tax System (Australian Business Number) Act 1999.

ACN has the meaning given by section 9 of the Corporations Act 2001.

ARBN has the meaning given by section 9 of the Corporations Act 2001.

controlled entity: an entity is a controlled entity of another entity if the other entity controls the entity.

corporate Commonwealth entity has the meaning given by the Public Governance, Performance and Accountability Act 2013.

entity information: see subsection 10(1).

government entity has the meaning given by the A New Tax System (Australian Business Number) Act 1999.

local governing body has the meaning given by the Income Tax Assessment Act 1997.

nominated entity: an entity is a nominated entity of a reporting nominee if the entity is specified in a reporting nominee determination in relation to the reporting nominee.

payment term: see section 7.

payment time: see section 8.

Payment Times Small Business Identification Tool: see section 6.

Peppol enabled eInvoice, in relation to an invoice or notice for payment, in relation to an entity, means an invoice or notice that is capable of being sent or received by the entity using the Peppol network because the entity is connected to the network.

Peppol network means the network for electronic invoicing developed and maintained by OpenPeppol.

Note: OpenPeppol gives authority to various countries to manage the Peppol framework for members in that country. In Australia, the Australian Taxation Office is the Australian Peppol Authority, and manages the Peppol framework for the Australian Peppol members.

recipient created tax invoice has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999.

reporting nominee determination, in relation to a reporting nominee, means the determination made under subsection 10L(1) of the Act relating to that nominee.

small business trade credit payments dataset: see subsection 13(5).

supply chain finance arrangement means an arrangement under which an entity undertakes or agrees to pay a small business supplier for the supply of a good or service (whether directly or indirectly) earlier than the terms for payment would otherwise allow, in exchange for the small business supplier paying a fee or accepting a smaller payment for the supply of the good or service.

the Act means the Payment Times Reporting Act 2020.

trade credit arrangement: see section 9.

trade credit payments dataset: see subsection 13(4).

6 Payment Times Small Business Identification Tool

For the purposes of the definition of Payment Times Small Business Identification Tool in section 5 of the Act, the Payment Times Small Business Identification Tool means the tool by that name, as existing from time to time, that is accessible on the website that is maintained by the Department for the giving of payment times reports by reporting entities and reporting nominees to the Regulator.

Note: The Payment Times Small Business Identification Tool could in 2024 be viewed on the Payment Times Reporting Portal website (https://paymenttimes.gov.au).

7 Meaning of payment term

(1) Except in a case where subsection (2) applies, a payment term, for a payment, means the number of calendar days as mentioned in whichever one of the following paragraphs is relevant to the payment:

(a) where a stated number of days, within which the payment is required to be made, is stated on an invoice—the stated number of days (converted to calendar days, where necessary);

(b) where a period, within which the payment is required to be made, is stated on an invoice (other than a stated number of days)—the largest possible number of calendar days in the period (disregarding when the invoice was actually issued or received);

(c) where a date for payment of an invoice is stated on the invoice and the invoice does not state a period within which the payment is required—the number of calendar days between date the invoice was issued and the date for payment of the invoice;

(d) where a payment is made without an invoice, but in response to a notice for payment under an agreement—the number of calendar days as set out in paragraph (a), (b) or (c) (as is relevant) worked out as if the notice were an invoice;

(e) where a payment is made without an invoice or a notice for payment—the number of calendar days between the date the obligation to make the payment arises under an agreement and the date the obligation is to be fully discharged by the payment under the agreement.

Example: In relation to paragraph (b), a payment made in relation to an invoice:

(a) requiring payment ‘by the end of the month’ would have a payment term of 31 calendar days; and

(b) requiring payment ‘by the end of next month’ would have a payment term of 62 calendar days; and

(d) requiring payment ‘by the longer of 14 days and the end of the month’ would have a payment term of 31 calendar days.

(2) Where:

(a) the term for a payment is set out as an express term in a written contract; and

(b) under subsection (1), the payment term, for the payment, is different to the outcome that would result from applying the relevant term of the contract;

then despite subsection (1), the payment term, for the payment is to be determined in accordance with the relevant term of the contract.

(3) When converting a number of non-calendar days into calendar days, choose the method that would result in the largest possible number of calendar days.

Example: 5 business days would be converted to 7 calendar days.

(4) Where an invoice or notice contains an error making it difficult to ascertain a single payment term under subsection (1), the payment term, for the affected payment, is payment term with the largest number of calendar days.

8 Meaning of payment time

(1) A payment time, for a payment, means the number of calendar days as mentioned in whichever one of the following paragraphs is relevant to the payment:

(a) where the payment is a payment of an invoice (other than a recipient created tax invoice)—the smallest number of calendar days from the following:

(i) the calendar days between the date the invoice was issued and the date the invoice was fully discharged by the payment;

(ii) the calendar days between date the invoice was received (if recorded) and the date the invoice was fully discharged by the payment;

(b) where the payment is a payment of a recipient created tax invoice—the number of calendar days between the date the invoice was issued and the date the invoice was fully discharged by the payment;

(c) where the payment is in response to a notice for payment under an agreement—the number of calendar days between the date the notice for payment under an agreement was issued and the date it was fully discharged by the payment;

(d) where a payment is made without an invoice or a notice for payment—the number of calendar days between the date the obligation to make the payment arose under an agreement and the date the obligation was fully discharged by the payment.

(2) Where a payment is made before an invoice was issued, an invoice was received, a notice for payment was issued, or an obligation arose under an agreement, as is relevant, the payment time, for a payment, is 0 calendar days.

9 Meaning of trade credit arrangement

A trade credit arrangement means an arrangement under which payment, for the supply of a good or service by an entity (other than an employee, government entity, local governing body and corporate Commonwealth entity), can be made, or is made, at least one calendar day after the supply of the good or service.

Part 2—Entity information

10 Entity information to be given to the Regulator

(1) For the purposes of subsection 10S(1) of the Act, an entity that is a reporting entity or reporting nominee must give the following information (entity information) to the Regulator:

(a) the entity’s name;

(b) any business name registered to the entity on the Business Names Register established and maintained under section 22 of the Business Names Registration Act 2011;

(d) if the entity does not have an ABN, but does have an ACN or ARBN—the entity’s ACN or ARBN;

(e) the entity’s address for service for the purposes of the Act, which must include:

(i) an email address; and

(ii) either a physical or postal address in Australia;

(f) the Subdivision code and title for the entity, by reference to the Australian and New Zealand Standard Industrial Classification;

(g) the day and month on which the entity’s financial year would ordinarily end;

Note: An ordinary financial year is the financial year of an entity disregarding any temporary adjustments to the beginning or end of a financial year that may happen from reporting year to reporting year, but not adjustments that are intended to change an entity’s financial year for all future reporting periods.

(h) whether the entity’s financial reports are required to comply with AASB 8 (or an equivalent financial reporting standard of a foreign jurisdiction) for the immediately preceding financial year;

(i) the type of principal governing body of the entity;

(j) the name, telephone number and email address for each of the following:

(i) a responsible member of the entity;

(ii) an individual, other than a responsible member, authorised in writing to act on the entity’s behalf in relation to the entity’s obligations under the Act (including by accepting information on behalf of the entity);

(k) if the entity is a controlled entity of one or more other entities—the information mentioned in paragraphs (a) to (d) in relation to the one other entity that is not itself a controlled entity of another entity;

(l) if the entity is not a reporting nominee but has one or more controlled entities—the information mentioned in paragraphs (a) to (d) in relation to each controlled entity;

(m) if the entity is a reporting nominee—the information mentioned in paragraphs (a) to (d) in relation to each of the reporting nominee’s nominated entities;

(n) if the entity has one or more controlled entities that are subsidiary reporting entities—the information mentioned in paragraphs (a) to (d) in relation to each controlled entity that is a subsidiary reporting entity;

(o) if the entity is a subsidiary reporting entity—the information mentioned in paragraphs (a) to (d) in relation to the reporting entity that controls the subsidiary reporting entity.

(2) For the purposes of subsection 10S(1) of the Act, if an entity gives, or is required to give, the Regulator entity information under this section, and later becomes aware that:

(a) the information given was false or misleading in a material particular (including because the information given omits something without which the information is misleading in a material particular); or

(b) information that was required to be given has not been given; or

(c) the information given, although correct at the time it was given, has later become incorrect as a result of a change in circumstances; or

(d) information that was not previously required to be given, is now, as a result of a change in circumstances, required to be given;

the entity must correct, give or update the entity information (as appropriate):

(e) where paragraph (a) or (b) applies—as soon as practicable; or

(f) where paragraph (c) or (d) applies—no later than immediately before the entity next gives a payment times report to the Regulator.

Note: A payment times report given by an entity must include a statement confirming that entity information in respect of the entity is correct as at the time the report is given to the Regulator (see subsection 12(4) of this instrument).

(3) For the purposes of subsection 10S(1) of the Act, if an entity is required to give the Regulator entity information under this section, the entity is required to give the information in the form and manner (if any) approved by the Regulator.

Note: The Regulator may, by notifiable instrument, approve forms or manners for the giving of entity information if permitted by the rules—see subsection 10S(3) of the Act.

Part 3—Payment times reports

11 Purpose of this Part

For the purposes of section 14 of the Act, this Part prescribes:

(a) information that an entity that is a reporting entity or a reporting nominee must include in a payment times report to be given to the Regulator by the entity for a reporting period for the entity; and

(b) methods for working out matters that must be included in a payment times report.

12 Content of a report—general requirements

Required content—reporting entities and reporting nominees

(1) A payment times report for a reporting period for an entity must include the following information:

(a) the start date and end date of the reporting period;

(b) the name of the responsible member who approved the report and the date the member approved the report.

Required content—reporting entities

(2) A payment times report for a reporting period for a reporting entity must also include the following information:

(a) whether, during the reporting period, the entity or any of its controlled entities, made an offer to enter into a supply chain finance arrangement;

(b) whether, during the reporting period, the entity or any of its controlled entities, had or used a practice or arrangement which involved one or more small business suppliers paying the entity an amount (including a subscription or membership fee) to either be able to make an offer to the entity to supply it with goods or services or to be able to issue an invoice to the entity for the supply of goods or services;

(c) whether another law of the Commonwealth, or a law of a State or Territory, or a code of conduct (which binds participants in an industry regulated by the code by voluntary agreement), imposes requirements on the entity or any of its controlled entities, in relation to their payment times and practices for small business suppliers.

Required content—reporting nominees

(3) A payment times report for a reporting period for a reporting nominee must also include the following information:

(a) whether, during the reporting period, the reporting nominee, or any of its nominated entities, made an offer to enter into a supply chain finance arrangement;

(b) whether, during the reporting period, the reporting nominee, or any of its nominated entities, had or used a practice or arrangement which involved one or more small business suppliers paying the nominee or any of its nominated entities an amount (including a subscription or membership fee) to either be able to make an offer to that entity to supply it with goods or services or to be able to issue an invoice to that entity for the supply of goods or services;

(c) whether another law of the Commonwealth, or a law of a State or Territory, or a code of conduct (which binds participants in an industry regulated by the code by voluntary agreement), imposes requirements on the reporting nominee, or any of its nominated entities, in relation to their payment times and practices for small business suppliers.

Confirmation of entity information

(4) A payment times report, for a reporting period for an entity, must also include a statement confirming that, in relation to each particular of entity information most recently given by the entity to the Regulator, the particular of entity information, as most recently given, is still true and correct.

Reports to include additional contextual information

(5) A payment times report, for a reporting period for an entity, must also include reasonable additional information providing context or explanation for anything included in the report relating to any of the following:

(a) a matter, occurring during the reporting period, that had an effect of a material nature, on the payment times and practices for small business suppliers;

(b) a change, of a material nature, to financial reporting practices, dataset creation processes, or statistical calculation methods;

(c) whether section 15 (about access to information of controlled entities) applied in relation to the reporting period to not require information to be included or used in a payment times report, why it applied in relation to the reporting period, and the extent to which it applied in relation to the reporting period;

(d) any other details without which the report is likely to be misleading in a material respect.

13 Content of report—small business trade credit payment times and terms statistics

Information to be included in a report—general

(1) A payment times report, for a reporting period for an entity, must include the following information:

(a) the proportion of the total number of payments in the trade credit payments dataset for a reporting period that comprises payments in the small business trade credit payments dataset for the reporting period (expressed as a percentage);

(b) the proportion of the total number of payments in the small business trade credit payments dataset for a reporting period that comprises payments that relate to a Peppol enabled eInvoice for the reporting period.

Information to be included in a report—payment times

(2) A payment times report, for a reporting period for an entity, must include the following information:

(a) the average payment time (expressed as a number of calendar days) that represents the statistical mean for all payments (that discharged an invoice or obligation in full) included in the small business trade credit payments dataset for the reporting period for the entity;

(b) the median payment time (expressed as a number of calendar days) for all payments (that discharged an invoice or obligation in full) included in the small business trade credit payments dataset for the reporting period for the entity;

(c) the payment time (expressed as a number of calendar days) that is the 80th percentile of all payment times (ordered fastest to slowest) for all payments (that discharged an invoice or obligation in full) included in the small business trade credit payments dataset for the reporting period for the entity;

(d) the payment time (expressed as a number of calendar days) that is the 95th percentile of all payment times (ordered fastest to slowest) for all payments (that discharged an invoice or obligation in full) included in the small business trade credit payments dataset for the reporting period for the entity (the 95th percentile payment time for the reporting period);

(e) each of the following (expressed as percentages), as derived from the small business trade credit payments dataset for the reporting period for the entity:

(i) payments that discharged an invoice or obligation in full for which the payment time was equal to or less than the payment term, as a proportion of all payments in the dataset that discharged an invoice or obligation in full;

(ii) payments that discharged an invoice or obligation in full for which the payment time was 30 days or less, as a proportion of all payments in the dataset that discharged an invoice or obligation in full;

(iii) payments that discharged an invoice or obligation in full for which the payment time was between 31 and 60 days, as a proportion of all payments in the dataset that discharged an invoice or obligation in full;

(iv) payments that discharged an invoice or obligation in full for which the payment time was more than 60 days, as a proportion of all payments in the dataset that discharged an invoice or obligation in full.

Information to be included in a report—payment terms

(3) A payment times report, for a reporting period for an entity, must also include the following information:

(a) the payment term (expressed as a number of calendar days) that represents the statistical mode of all payment terms for all payments (that discharged an invoice or obligation in full) included in the small business trade credit payments dataset for the reporting period for the entity;

(b) whether the entity’s most common offered terms for payment (expressed in calendar days), within which payment is required to be made by a buyer of goods or services from the entity, is longer, shorter or the same as the statistical mode of payment terms as specified in paragraph (a);

(c) if the entity is not a reporting nominee but has one or more controlled entities—the payment terms (expressed as a number of calendar days) that represent the statistical maximum and minimum of all of the following:

(i) the payment term representing the statistical mode for all payments (that discharged an invoice or obligation in full), made by the entity, included in the small business trade credit payments dataset for the reporting period for the entity;

(ii) a payment term for each of the entity’s controlled entities, representing for each controlled entity, the statistical mode for all payments (that discharged an invoice or obligation in full), made by the controlled entity, included in the small business trade credit payments dataset for the reporting period for the entity;

(d) if the entity is a reporting nominee—the payment terms (expressed as a number of calendar days) that represent the statistical maximum and minimum of all of the following:

(i) the payment term representing the statistical mode for all payments (that discharged an invoice or obligation in full), made by the reporting nominee, included in the small business trade credit payments dataset for the reporting period for the reporting nominee;

(ii) a payment term for each of the reporting nominee’s nominated entities, representing for each nominated entity, the statistical mode for all payments (that discharged an invoice or obligation in full), made by the nominated entity, included in the small business trade credit payments dataset for the reporting period for the reporting nominee;

(e) what the entity reasonably expects the payment terms mentioned in paragraph (a), and (c) or (d) (if, and as appropriate), to be for the next reporting period for the entity.

Creating a trade credit payments dataset

(4) An entity creates a trade credit payments dataset for a reporting period for the entity, as follows:

Method statement

Step 1. Identify all payments made under a trade credit arrangement in the reporting period by:

(a) for an entity that is a reporting entity—the reporting entity and each of its controlled entities (other than a controlled entity that is a subsidiary reporting entity and any controlled entity of the subsidiary reporting entity); and

(b) for an entity that is a reporting nominee—the reporting nominee and each of its nominated entities.

Step 2. Include in the dataset the following information in relation to each payment identified in Step 1:

(a) the amount of the payment;

(b) the name of the entity that made the payment (and that entity’s ABN, or if that entity does not have an ABN, the entity’s ACN or ARBN);

(d) the date the payment was made;

(e) if the payment was made by way of a credit card;

(f) if the payment relates to an invoice—an invoice reference number, whether the invoice was a Peppol enabled eInvoice, the date on which the invoice was issued, the date on which the invoice was received (if recorded), the specified due date for payment on the invoice (if specified), the terms for payment as specified in the invoice, if subsection 7(2) applies, the terms for payment as set out in the contract, and if the invoice was a recipient created tax invoice;

(g) if the payment was made without an invoice—a reference number for the agreement to which the payment relates (if any), the date on which the obligation to make the payment arose under the agreement, the date a notice for payment under the agreement was issued (if any), whether the notice was a Peppol enabled eInvoice, the due date for payment under the agreement, and the terms for payment as specified in the agreement;

(h) whether the payment discharged the invoice or obligation (as applicable) in full or in part.

Step 3. Remove from the dataset the following payments:

(a) payments to entities that do not have an ABN;

(b) payments between entities where both entities’ payments are included in the dataset, both entities are controlled by a common entity, or one of the entities is a controlled entity of the other entity;

(c) if the entity elects that this paragraph applies for a reporting period—payments that were made by way of a credit card for an amount of less than $100;

(d) if the entity elects that this paragraph applies for a reporting period and has a genuinely enforced internal policy that prohibits payments by way of credit card, type of credit card, or credit card holder, in relation to a trade credit arrangement—each payment made by way of the prohibited credit card, type of credit card, or credit card holder, as covered by the internal policy.

Creating a small business trade credit payments dataset

(5) An entity creates a small business trade credit payments dataset for a reporting period for the entity, by using the Payment Times Small Business Identification Tool to remove from the trade credit payments dataset, for the reporting period for the entity, each payment in that dataset that was not made to a small business supplier.

Note: Entities that have no payments in their small business trade credit payments dataset may have a different content requirement to include in their report—see subsection 14(2).

Special rule for calculating median payment time

(6) For the purposes of paragraph (2)(b), if there are an even number of payment times, the median payment time is the average of the 2 median payment times.

Rounding rules

(7) An amount to be worked out under this section is to be rounded to 2 decimal places (rounding up if the next decimal place is 5 or more).

Most common offered terms for payment

(8) For the purposes of paragraph (3)(b), when determining a reporting entity’s or reporting nominee’s most common offered terms for payment, within which payment is required to be made by a buyer of goods or services from the entity or its controlled entities or nominated entities (as appropriate), the entity may choose to either use the most commonly offered terms for payment (as referenced in the entity’s (including controlled or nominated entities of the entity) standard credit policies), or by way of an appropriate statistical calculation of all relevant payments, as is customary in the entity’s industry.

14 Content of report—special rules for certain entities

Entities in external administration

(1) If, at any time during a reporting period, or after the reporting period ends but before an entity is required to give the Regulator a payment times report for the reporting period, the entity is in external administration (within the meaning of section 5-15 of Schedule 2 to the Corporations Act 2001), then, despite anything else in this Part, the entity’s payment times report for the reporting period, is to include only the following:

(a) the information mentioned in subsection 12(1) of this instrument;

(b) the name of the external administrator of the entity (within the meaning of section 5-20 of Schedule 2 to the Corporations Act 2001);

(d) the date the external administrator was appointed.

Example: Capacities in which an external administrator can be appointed include as an administrator of the entity or liquidator of the entity.

Entities that do not make payments to small business suppliers

(2) Where there are no payments in a small business trade credit payments dataset for a reporting period for an entity, then, despite anything else in this Part, the entity’s payment times report for the reporting period, is to include only the following:

(a) the information mentioned in subsection 12(1);

(b) the proportion of payments made to small business suppliers for the reporting period for the entity mentioned in paragraph 13(1)(a).

Note: Where there are no payments in a small business trade credit payments dataset for a reporting period, the proportion of payments made to small business suppliers for the reporting period is 0%.

Entities for which another entity is reporting nominee

(3) If, at all times during a reporting period, an entity is a nominated entity of a reporting nominee, then despite anything else in this Part, a payment times report for the reporting period for the entity is to include only the following:

(a) the information mentioned in subsection 12(1);

(b) the name of the reporting nominee;

(d) if the reporting nominee does not have an ABN, but does have an ACN or ARBN—the reporting nominee’s ACN or ARBN.

Entities adopting AASB 8 in the preparation of financial reports

(4) Where the entity’s financial reports, for the financial year immediately preceding a reporting period for the entity, are required to comply with AASB 8 (or an equivalent financial reporting standard of a foreign jurisdiction), then the entity’s payment times report for the reporting period must also include the information covered by subsection 13(2) and paragraph 13(3)(a) in relation to each operating segment of the entity (within the meaning of AASB 8 (or the equivalent financial reporting standard of a foreign jurisdiction)).

Additional information may be included

(5) An entity to which this section applies may include, in a payment times report for a reporting period for the entity, any additional information that the entity considers useful for providing additional context for any matter covered in the report.

15 Access to information of controlled entities

If an entity to which this Part applies is, due to the limits of its capacity to exercise control over a controlled entity, unable to access:

(a) information relating to the controlled entity that is required to be included in a payment times report for a reporting period for the entity; or

(b) information relating to the controlled entity that must be used to work out a matter that is required to be included in such a report;

then this Part is taken not to require that information to be so included or used.

Note: Reporting entities and reporting nominees must keep records of any information used in the preparation of a payment times report for a reporting period (see sections 29 and 29A of the Act).

Part 4—Slow small business payers

16 Meaning of 95th percentile payment time for a reporting cycle

A 95th percentile payment time, for a reporting cycle for an entity, means:

(a) if only one reporting period for the entity ended within, or at the end of, the reporting cycle—the 95th percentile payment time for that reporting period; or

(b) if more than one reporting period for the entity ended within, or at the end of, the reporting cycle—the 95th percentile payment time for the reporting period that last ended within or at the end of the reporting cycle; or

(c) if no reporting period for the entity ended within, or at the end of, the reporting cycle—the 95th percentile payment time for the first reporting period that ended after the reporting cycle.

17 Slowest 20% of small business payers

(1) For the purposes of section 22D of the Act, the slowest 20% of small business payers for a reporting cycle means those entities that are reporting entities or reporting nominees and whose 95th percentile payment times for the reporting cycle, as ranked amongst all reporting entities’ and reporting nominees’ 95th percentile payment times for the reporting cycle, were in the slowest 20%.

(2) In applying subsection (1) for a reporting cycle, disregard any entity, and that entity’s 95th percentile payment time, if:

(a) the payment times report for the reporting period that last ended within, or ended at the end of, the reporting cycle for the entity did not need to include the information mentioned in subsection 13(2); or

(b) the entity was a volunteering entity for the reporting period that last ended within, or ended at the end of, the reporting cycle.

18 Slowest 20% of small business payers in an ANZSIC Division

For the purposes of section 22D of the Act, the slowest 20% of small business payers in a Division of the Australian and New Zealand Standard Industrial Classification for a reporting cycle means those entities worked out as follows:

Method statement

Step 1. For the reporting cycle, identify each reporting entity or reporting nominee, and the 95th percentile payment times for the reporting cycle for each of those entities.

Step 2. Remove any entity, and that entity’s 95th percentile payment times, for the reporting cycle for the entity, if:

(b) the entity was a volunteering entity for the reporting period that last ended within, or ended at the end of, the reporting cycle.

Step 3. Based on the entity information known to the Regulator, assign each remaining reporting entity or reporting nominee to the relevant Division of the Australian and New Zealand Standard Industrial Classification for that entity.

Step 4. For each Division of the Australian and New Zealand Standard Industrial Classification, work out which entities’ 95th percentile payment times for the reporting cycle, as ranked amongst all reporting entities’ and reporting nominees’ 95th percentile payment times allocated to that Division for the reporting cycle, were in the slowest 20%.

Step 5. The entities worked out under Step 4 for each Division of the Australian and New Zealand Standard Industrial Classification are the slowest 20% of small business payers in a Division of the Australian and New Zealand Standard Industrial Classification.

19 Qualifying payment time of 30 days or less

For the purposes of paragraph 22D(4)(b) of the Act, a payment times report has a qualifying payment time of 30 days or less for a reporting period if the entity’s 95th percentile payment time for the reporting period is 30 days or less.

Part 5—Fast small business payers

20 Qualifying payment time of 20 days or less

For the purposes of Division 5 of Part 2 of the Act, a payment times report has a qualifying payment time of 20 days or less for a reporting period if the entity’s 95th percentile payment time for the reporting period is 20 days or less.

Part 6—Publication of information on the register

21 Information that may or must be published on the register

Information the Regulator may publish

(1) For the purposes of paragraph 22A(a) of the Act, the Regulator may publish the following information on the register:

(a) that an entity has ceased to be a reporting entity from the start of a specified reporting period, having notified the Regulator to that effect under subsection 10H(2) of the Act (unless the entity has given notice to withdraw that notice);

(b) that the Regulator has determined that an entity is an exempt entity under subsection 10P(1) of the Act, and when that determination takes effect;

(c) that a determination that an entity is an exempt entity under subsection 10P(1) of the Act has been revoked under subsection 10R(1) of the Act, and when that revocation takes effect;

(d) entity information that is not personal information (within the meaning of the Privacy Act 1988).

(2) For the purposes of paragraph (1)(a), the Regulator may publish the information based only on the notice the entity gave to the Regulator.

Information the Regulator must publish

(3) For the purposes of paragraph 22A(b) of the Act, the Regulator must publish the following information on the register:

(a) that the Regulator has determined that an entity is a reporting entity under subsection 10B(1) of the Act, and when that determination takes or took effect;

Note: Section 10B of the Act is about volunteering entity determinations.

(b) that a determination that an entity is a reporting entity under subsection 10B(1) of the Act, will be, has been or is taken to have been revoked under section 10D of the Act, and when that revocation takes effect (where specified in a notice);

(c) that the Regulator has determined that an entity is a subsidiary reporting entity under subsection 10E(1) of the Act, and when that determination takes effect;

(d) that a determination that an entity is a subsidiary reporting entity under subsection 10E(1) of the Act has been revoked under subsection 10G(1) of the Act, and when that revocation takes effect;

(e) that the Regulator has determined that an entity is a reporting nominee under subsection 10L(1) of the Act for one or more other entities, and when that determination takes effect;

(f) that a determination that an entity is a reporting nominee under subsection 10L(1) of the Act has been revoked under subsection 10N(1) of the Act, and when that revocation takes effect;

(g) that the Regulator is reasonably satisfied that an entity is no longer a reporting entity (including whether the Regulator has determined that the entity is to cease to be a reporting entity under subsection 10K(1) of the Act, and when such a determination takes effect);

(h) that the Regulator has extended the time for an entity to give a payment times report under section 13A or 13B of the Act.

22 Matters relevant to removal of information from the register

For the purposes of paragraph 20(2)(c) of the Act, the Regulator may, when deciding to remove information contained in a payment times report from the register, have regard to whether removing the information would further, or hinder achieving, the objects of the Act.

Part 20—Application and transitional provisions

100 Transitional—reporting periods beginning before 1 July 2024

Despite the repeal of the Payment Times Reporting Rules 2020, as in force immediately before the commencement of Schedule 1 to this instrument, the Payment Times Reporting Rules 2020 continue to apply, on and after 1 July 2024, in relation to a payment times report for a reporting period beginning before that date.