Faster Payment Terms for Small Business
The NSW Government is committed to enabling better access to cash flow and capital for small businesses* and has released a Faster Payment Terms Policy as part of this commitment.
From 1 December 2018, eligible and registered small businesses that invoice up to $1 million will be paid within 20 calendar days and within 5 business days from December 2019. Payments under $10,000 can be paid by credit card, reducing the time even more. What do Small Businesses need to do? Visit www.smallbusiness.nsw.gov.au/rego
and complete the quick and simple online registration form. This will register your small business for faster payment terms across all applicable NSW Government agencies.
* A small business is an Australian or New Zealand-based firm that employs fewer than 20 full-time employees.