Michaelia Cash (WA, Liberal Party, Minister for Employment, Skills, Small and Family Business) Share this | Hansard source

Very briefly, in speaking to the government amendments which I moved prior to this debate recommencing, the Senate Education and Employment Legislation Employment Committee considered these bills in detail and recommended that they be passed. I thank the chamber for the support of this bill. The committee also recommended that a review of the Payment Times Reporting Scheme occur two years after its commencement. I agree with the committee's recommendation. In addition to agreeing to this measure, further government amendments to the bill have been made in response to feedback provided by various parties. The key amendments to the bill include reducing the transition period for the introduction of compliance and enforcement measures from 18 months to 12 months; moving the definition of 'small business' to the bill and inserting a new legislative note to the definition; requiring a payment time report to include additional information on payments made beyond 60 days, including payments made more than 120 days after a small business's invoice is issued; and moving more content requirements of a payment time report from the draft subordinate legislation into the main bill, including details such as the reporting entity's name, ABN and main business activity. Other technical amendments to the bill include ensuring that most reporting entities start their first reporting cycle on the scheme's commencement and requiring businesses to report in a form and manner approved by the Payment Times Reporting Regulator. I therefore commend the amendments to the Senate.