Sick Of Waiting To Get Paid?
If you’re a small business owner you’ll know how stressful it can be when clients don’t pay their invoices on time.
Some of the worst offenders are often big businesses and government who can often appear insensitive to the real world cash flow pressures small business owners face on a daily basis.
Responding to this concern, late last year, the Commonwealth Government launched the new national large business reporting framework.
The framework will require large businesses, with over $100 million in turnover, to publish payment information on how they engage with small businesses. It will cover up to 3,000 of the largest businesses in Australia – including foreign companies and government entities.
The overall goal is to improve payment outcomes for small business. A discussion paper has been released and anyone interested in commenting on the scheme has until 28 February to provide a written submission.
Later this week an online consultation workshop will be held and chamber members might also like to register for updates at www.jobs.gov.au/PaymentTimes.