On-time payment policy to support businesses announced
The Queensland Government has introduced an On-time Payment Policy to support businesses, particularly during COVID-19.
Other measures to support businesses that have recently been announced include:
- All suppliers will be paid as soon as a valid invoice is received and processed.
- The On-time Payment Policy (active now) reduces payment terms for small businesses from 30 calendar days to 20 calendar days and small businesses not paid within 20 calendar days can access penalty interest for eligible invoices.
- Small businesses are encouraged to enter their details on the Small Business Register to ensure they can be identified in government payment systems.
- The Queensland Government has set a target for 25% of all government procurement by value to be from Queensland small and medium enterprises from 1 July 2020, increasing to 30% by 30 June 2022.
The Queensland Government has introduced these changes to support business during the COVID-19 recovery and these form a part of the Queensland Small Business Procurement Action Statement, and are aligned with the Unite and Recover for Queensland Jobs Strategy.
Source: Department of Employment Small Business and Training
6 July 2020
