All the news, tactics and scams for finance leaders to know about in November 2023.
Payment Security 101
Learn about payment fraud and how to prevent it
The Payment Times Reporting Portal is an online platform that allows businesses to login and submit their small business payment times. This portal was created in reference to the Payment Times Reporting Scheme. This is a government initiative aims to improve payment times for Australian small businesses.
The scheme commenced on 1 January 2021. This means, large businesses are required to report their payment terms and times which help small businesses receive timely payments. Larger companies can also find small business suppliers via the Small Business Identification tool (SBI), which is exclusively available to reporting entities only.
The small business identification tool helps reporting identities identify which are their small business suppliers for payment times reporting. Once a Payment Times Report is provided to the Regulator, it will publicly be accessible on a Payment Times Reports Register. po
The Payment Times Reporting Portal (PTR) is a secure and timely way for small businesses to monitor their payment times. The portal also acts as a compliance and enforcement tool for large enterprises that do not pay on time.
To access the portal, businesses will need to login using their myGovID. However, businesses will need to be authorised to act on behalf of their ABN for interactions with The Department of the Treasury. This can be done via the myGovID’s Relationship Authorisation Manager (RAM).
After logging in, click on the reports tab. From there, you can view a detailed report of all your payments, which includes payments from the past and present.
Large businesses will be able to file their payment reports through the PTR portal. The scheme mandates large businesses to report on time and pay small business suppliers swiftly. This is substantial for small businesses as it will hold larger businesses accountable for rightfully earned payments.
Additionally, businesses will not be able to submit reports unless they register their business details with myGovID. Therefore, it is the responsibility of the business to determine whether they are subject to reporting obligations under the law.
To determine if you are a reporting entity visit the Australian Government PTR Regulatory.
For Australian businesses, the reporting period will be the business’ income year. The first PTRS window will be available for six months from the date it was announced, which means that anyone who made income between July and December 2020 is eligible.
The due date for submitting your reports, in this case, would fall on March 23rd 2021–a little over three months away. The second reporting window would be the second 6 months of the income year. The Payment Times Reporting Due Dates are a great way for reporting entities to note and submit their payment in time to avoid financial penalties.
If you’ve identified an error in your report that is approved in the portal, you can apply to submit a revised report. Unfortunately for businesses, the Payment Times Reporting Regulator cannot revise the existing report.
Follow the steps below to revise:
For more information on the payment times reporting portal, please visit the Australian Government’s Payment Times Reporting Regulator.
The payment times reporting scheme is valuable for small businesses. It allows them to track payment times and hold large businesses and government enterprises accountable for late payments. The payment times reporting portal is an online platform where businesses can log in and submit their payment reports.
Eftsure is Eftsure is dedicated to helping organisations identify and protect themselves against fraud and errors that occur in the payment process. Our Know Your Payee solution provides real-time alerts and messaging so you don’t pay the wrong supplier.
Eftsure can help businesses with payment times by streamlining the payment process and providing payment protection. This is completed through onboarding vendors by supplying identification documents. Our Payment Times Reporting Guidance will allow businesses to understand what the PSTR scheme is, why it was introduced, compliance standards, when reports are submitted and how to submit reports.
For more information, visit our Payment Times Reporting Guide or contact us today.
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