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 https://www.smallbusiness.nsw.gov.au/help/common-questions/faster-payment-terms-where-to-register
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.
Download Faster Payment Terms Policy post card - 834kb
* A small business is an Australian or New Zealand-based firm that employs fewer than 20 full-time employees.