Are you ready to lodge your first Reportable Payment Times Scheme Report?
20 September 2021
The Payment Times Reporting Scheme (PTRS) is now operational with first reporting lodgements due 30 September 2021. Under the Scheme, businesses are required to submit a report on their payment terms and practices every six months of their income year.
Are you aware of non-compliance penalties should you fail to report?
Businesses who fail to report need to be ready for potential non-compliance penalties. Higher penalties apply to corporations, with individuals facing lower penalties. An entity may be caught for non-compliance if it:
- Carries on business in Australia
- Earns more than $100m in total annual income
- Belongs to a controlling corporation group that earns more than $100m combined in total annual income
- Earns more than $10m in total annual income if part of a controlling group, or is the head entity of the controlling group.
If your entity ticks any of the above boxes then consider if this Scheme applies to you and act immediately. Our BDO advisers are happy to assist with confirming what entities, if any, are caught by the Scheme.
Get reporting ready
Once you’ve determined that the Scheme indeed applies to your entity, it’s vital to get prepared for 30 September 2021 reporting deadlines. To assist in preparation, BDO has prepared the below PTRS reporting checklist for your consideration.
Time is running out before the first lodgement due date of 30 September 2021. We encourage you to review your current group structure and talk with your adviser as soon as possible.