Payment Times Reporting Act 2020

The Act aims to promote timely payment practices among large businesses, certain government entities, and vocational corporations, and to improve transparency of payment terms, times, and practices. The preliminary provisions, outlined in Part 1, set the stage for the rest of the Act, providing an overview of the purpose, scope, and application. This part includes definitions of key terms such as "reporting entity," "reporting nominee," "small business," and "payment times report," which are central to the Act's operation. The structure of the Act and the Regulator's role and responsibilities are also briefly outlined.