This new bill became law on 1st January 2021 and requires large organisations (over $100m income), including public sector bodies, to pay their small suppliers (under $10m revenues) within 30 days – with no excuses.
Fines for non-compliance can reach 0.6% of turnover – say, $180m for a major bank for instance.
Worse for most, especially public sector bodies, is that the Federal Government plan to “name and shame” non-conforming organisations very quickly on a new public website 31st March.
Will your procurement department appear on the naughty list?
Find out how to comply from this special PASA webinar session from KPMG
Your guest expert presenter:
Vince Dimasi is a partner at KPMG and leads the national KPMG Working Capital Advisory & Payment Times Reporting team.
The time of this session is:
10.30-11:30AM AEDT (SYD, MELB)
|Start||February 10th, 2021. 10:30am AEDT|
|End||February 10th, 2021. 11:30am AEDT|
|Status||Event Details Closed|
|Category||One off sessions|