Late payments, overdue

40% of government agencies failing to meet 20-day payment terms Around four in 10 government agencies would fall short of the government’s recently introduced 20-day payments terms for small businesses, according to a new survey.

enter site The Pay On-Time Survey for the 2016-17 financial year showed that out of 567,131 invoices surveyed, 42 per cent of invoices were paid after the 20-day mark.

buy Pregabalin Lyrica uk However, 96 per cent of all invoices were paid within 30 days; with the total amount of interest paid on late invoices by government agencies that responded at $317,702.50.

site rencontre mixte gratuit Minister for Small Business Michael McCormack said the results were positive and a great outcome for the 6,800 small businesses which have contracts with the Australian government.

gcm forex kitabı indir “I am thrilled almost 60 per cent of invoices up to $1 million are being paid within 20 days, smashing the required payment terms by around a third,” Mr McCormack said. “Having owned and operated my own small business I know how important it is to be paid on time – cash flow is king.

watch “The government is leading the way for payment culture in Australia and this is a marked improvement from 2002 when only 82 per cent of invoices were paid on time.”

recherche fille c libataire The Institute of Public Accountants senior tax adviser Tony Greco had earlier said he hoped the newly enforced shorter payment times would translate over to the commercial world, a notion Mr McCormack was confident of delivering. “Our new payment terms will set an example to industry and for other levels of government to follow our lead and establish a culture where small business should not be used as a bank,” Mr McCormack said. “Government agencies are more often than not achieving the government’s 20-day payment terms for contracts up to $1 million which will come into effect from 1 July 2019.

see “We are delivering the right policy settings to see small business thrive and keep the cash flowing which keeps our economy humming along.”

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