{"id":2005,"date":"2020-11-17T03:06:27","date_gmt":"2020-11-17T03:06:27","guid":{"rendered":"https:\/\/insight.thomsonreuters.com.au\/business\/?p=2005"},"modified":"2023-05-15T14:20:39","modified_gmt":"2023-05-15T04:20:39","slug":"payment-times-reporting-regime-now-law-immediate-actions-to-consider","status":"publish","type":"post","link":"https:\/\/insight.thomsonreuters.com.au\/business\/posts\/payment-times-reporting-regime-now-law-immediate-actions-to-consider","title":{"rendered":"Payment times reporting regime now law: Immediate actions to consider"},"content":{"rendered":"\n<p><strong>By Vince Dimasi, Partner and Australian Lead, Working Capital Advisory, and Andrew Bath, Director Tax, KPMG Australia<\/strong><\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Many corporates may find the reporting requirements challenging for various reasons, including the complex definitional aspects of the legislation, writes Vince Dimasi.<\/h4>\n\n\n\n<p>Australia now has a new payment times reporting (PTR) regime, beginning 1 January 2021.<\/p>\n\n\n\n<p><strong>See briefing document:&nbsp;<a href=\"http:\/\/kpmg.com.au\/TaxNow\/Images\/documents\/2020\/KPMGTaxNow-OnAPage-PaymentTimesReportingNov2020.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">Payment times reporting \u2013 legislation in place<\/a><\/strong><\/p>\n\n\n\n<p>Both PTR Acts have now passed the Parliament and received Royal Assent.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p><em>It is estimated that over 9,000 PTR Reporting Entities (REs) from large business groups would be required to file reports with the new Payment Times Reporting Regulator (Regulator) on a bi-annual basis.<\/em><\/p><\/blockquote>\n\n\n\n<p>The Acts to implement the PTR regime (<a href=\"http:\/\/www.aph.gov.au\/Parliamentary_Business\/Bills_Legislation\/Bills_Search_Results\/Result?bId=r6542\" target=\"_blank\" rel=\"noreferrer noopener\">Payment Times Reporting Act 2020<\/a>&nbsp;and&nbsp;<a href=\"https:\/\/www.aph.gov.au\/Parliamentary_Business\/Bills_Legislation\/Bills_Search_Results\/Result?bId=r6544\" target=\"_blank\" rel=\"noreferrer noopener\">Payment Times Reporting (Consequential Amendments) Act 2020<\/a>) are expected to be supplemented with final legislative rules, guidance material, as well as a Small Business Identification Tool (SBI Tool) to be released by the new regulator.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who must report?<\/strong><\/h2>\n\n\n\n<p>A \u2018constitutionally covered entity\u2019 becomes a RE at the start of its income tax year if it carries on an enterprise in Australia; satisfies a \u2018total income\u2019 threshold for the most recent income tax year; and, is not a registered charity or not for profit. &nbsp;Alternatively, if the constitutionally covered entity gives appropriate notice to the Regulator, it may elect into the regime.<\/p>\n\n\n\n<p>A constitutionally covered entity is intended to cover most entities (both domestic and foreign entities), apart from those that lie outside the constitutional power of the Commonwealth to regulate.<\/p>\n\n\n\n<p>The total income threshold is defined by reference to the concept of total income in the ATO\u2019s tax transparency reporting regime which is basically gross accounting income. A constitutional covered entity meets the criteria if it carries on an enterprise in Australia, and for its most recent income year:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>the entity had total income of more than $100 million; or<\/li><li>if the entity is a controlling corporation (e.g. Australian parent company) &#8211; the combined total income for all members of the controlling corporation\u2019s group was more than $100 million; or<\/li><li>if the entity is a member of the controlling corporation\u2019s group &#8211; the total income for the entity was at least $10 million.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>When will you need to report?<\/strong><\/h2>\n\n\n\n<p>Reporting entities will need to report on a bi-annual basis dependent upon their year-end for tax purposes, they will then have 3 months to upload their report to the Payment Times Reporting Regulator via an online portal.<\/p>\n\n\n\n<p>For most Australian businesses with a 30 June tax year end, they will need to look to its income for the year ended 30 June 2020 to see if it has a PTR obligation and the first reporting window will be from 1 January 2021 to 30 June 2021, with a first reporting deadline of 30 September 2021.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Who is a small business supplier?<\/strong><\/h2>\n\n\n\n<p>An entity will be identified as a small business in the Payment Times Small Business Identification Tool if it carries on an enterprise in Australia and its annual turnover was less than $10m for the most recent income year. The way we understand the SBI Tool will work is:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a Reporting entity will need to upload their supplier data into the SBI Tool;<\/li><li>based on your suppliers\u2019 ABN numbers, the SBI tool will flag which of your suppliers\u2019 ABNs were not matched in the SBI Tool and are therefore small business.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the content and information requirements?<\/strong><\/h2>\n\n\n\n<p>The new Scheme will require Reporting Entities to prepare and disclose a wide range of information in relation to their payment practices to those suppliers identified as small business suppliers.<\/p>\n\n\n\n<p>The information will need to be submitted every six months and includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>basic information such as ABN and description of business activities;<\/li><li>the shortest and longest standard payment periods;<\/li><li>the proportion of small business invoices paid within certain time frames;<\/li><li>details of the principal governing body of the entity; and<\/li><li>whether supply chain finance or early settlement discounts are offered.<\/li><\/ul>\n\n\n\n<p>Once submitted, this information will then be lodged on a public Payment Times Reporting Register which will make this information readily available for the public to access free of charge.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>What are the potential penalties and fines?<\/strong><\/h2>\n\n\n\n<p>The newly appointed Payment Times Regulator will have significant powers to monitor, investigate, appoint independent auditors and impose fines including:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>up to 300 penalty units per day for failing to provide a report;<\/li><li>up to 0.2 percent of annual income for failing to keep records of payment times;<\/li><li>up to 0.2 percent of annual income failing to comply with an auditor appointed by the Regulator; and<\/li><li>up to 0.6 percent of annual income for providing misleading information.<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Immediate actions to consider<\/strong><\/h2>\n\n\n\n<p>We recommend businesses start to prepare early given the 1 January 2021 start date.<\/p>\n\n\n\n<p>In our experience, we expect that many corporates will find the reporting requirements challenging due to:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>numerous complex definitional aspects of the legislation could make determining who needs to report difficult;<\/li><li>data accuracy and integrity issues may lead to false or misleading reporting;<\/li><li>ERP systems may not capture the relevant data required for the legislation;<\/li><li>the requirement to report every 6 months could place strain on finance teams; and<\/li><li>the impacts of the legislation will extend to many parts of a Purchase to Pay process.<\/li><\/ul>\n\n\n\n<p><em>This article was originally published on&nbsp;<\/em><a href=\"https:\/\/nam02.safelinks.protection.outlook.com\/?url=https%3A%2F%2Fcontentplus.kpmg.com.au%2FSignIn%3FReturnUrl%3D%252Ftax-now%252F&amp;data=04%7C01%7CVirginia.Ginnane%40thomsonreuters.com%7C60d0a857bd1a410975f708d87a017a8c%7C62ccb8646a1a4b5d8e1c397dec1a8258%7C0%7C0%7C637393494083557549%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&amp;sdata=4EGc5DO0P2jK7UBUINbBqqizJenh03DCW6kDXr8wqyQ%3D&amp;reserved=0\"><em>KPMG Tax Now<\/em><\/a><em>, KPMG Australia\u2019s subscription news service for tax and finance professionals.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Australia now has a new payment times reporting (PTR) regime, beginning 1 January 2021.<\/p>\n","protected":false},"author":107,"featured_media":2038,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[687,659,658,684],"tags":[1028,1030,1029],"insight_job_role":[719,718,808,725,882],"insight_practice_area":[],"class_list":["entry","author-corpadmin","has-excerpt","post-2005","post","type-post","status-publish","format-standard","has-post-thumbnail","category-global-reporting-compliance","category-global-tax-reporting","category-leadership-strategy","category-strategy","tag-payment-times-reporting","tag-payment-times-reporting-regulator","tag-ptr","insight_job_role-finance-director","insight_job_role-financial-controller","insight_job_role-head-of-tax","insight_job_role-it-technology-manager","insight_job_role-tax-manager-director","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - 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