‘Naughty and nice’ list to be created for small business payments

  • 📰 FinancialReview
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 90%

Business News News

Business Business Latest News,Business Business Headlines

Late payments by large companies are estimated to cost small and medium business $7 billion a year and contribute to their failures, prompting new rules from the federal parliament.

Already a subscriber?Big businesses that look after small suppliers by paying bills promptly will be rewarded under new laws proposed by the Coalition that have received support from Labor and the crossbench.Deputy opposition leader Sussan Ley.Under the proposal, businesses that pay small suppliers within 20 days will qualify for an official “fast small business payer” designation from the government that is supposed to make them more attractive to do business with.

The new incentive will be added to the existing suite of Labor reforms via a Coalition amendment, with the package due to be debated in the Senate and passed by parliament this week, ahead of the winter break. “I envisage the new ‘fast small business payer’ designation will be highly sought after and will ensure small businesses can make informed choices about who they choose to partner with.”

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSİNESS

Business Business Latest News, Business Business Headlines