Income Tax Point-in-Time Service Updates

Wednesday 30 September 2020 @ 9.10 a.m.

The Income Tax Point-in-Time Service has been updated to include the Payment Times Reporting (Consequential Amendments) Act 2020 (Cth) (Act No 89 of 2020) and the Statute Update (Regulations References) Regulations 2020 (Cth).

Act 89 of 2020

The Payment Times Reporting Act will introduce a new Payment Times Reporting Scheme (the Scheme) which requires large businesses and large government enterprises with an annual total income of over $100 million to publicly report on their payment terms and practices for their small business suppliers. In identifying small business suppliers, the Scheme will draw on a taxation legislation definition of small business as those entities with an annual turnover of less than $10 million.

To complement the Payment Times Reporting Act and ensure the Scheme operates as intended, consequential amendments will be made to the Taxation Administration Act 1953. The Payment Times Reporting (Consequential Amendments) Act 2020 amends the Taxation Administration Act 1953 to enable the Commissioner of Taxation to disclose certain tax information to the Payment Times Reporting Regulator for the purpose of administering the Scheme.

Statute Update (Regulations References) Regulations 2020

This instrument prescribes matters that are required to be prescribed in order for various amendments made by the Statute Update (Regulation References) Act 2020 to have their intended effect.    

These amendments have been updated in the Point-in-Time Income Tax Service current to 29 September 2020. (NB: subscription required).

If you are not already a subscriber to this or other Point-in-Time Services then please contact us to find out more or to take a free trial.