Pay bills on time
The Government has committed to ‘pay bills on time’. If you have an undisputed invoice that has not been paid within 30 calendar days, this is useful information
Legislation has been introduced which requires that late payment interest is paid on any undisputed invoices meeting certain criteria that is not paid within 30 calendar days from the date it is received by a public authority. The scope of the Act covers all businesses trading with the SA Government.
There is no requirement for businesses to request interest payments where an invoice meets the criteria- this process will occur automatically. Vendors/Suppliers can calculate interest you may be entitled to by using the late payment interest calculator.
The main criteria for determining whether interest is paid include:
The invoice has a value of $1 million (GST exclusive) or less
The amount of interest to be paid is $10 or more
The invoice was issued by a business which is incorporated under the Corporations Act 2001 (Cwth)
The invoice has been correctly rendered (e.g. GST compliant, appropriately addressed, etc.) and is not disputed.
*The information provided above is an overview of the Legislation - a copy of the Act, amended Bill and Regulations is available from www.legislation.sa.gov.au
Check the status of your invoice:
The payment of late payment interest to vendors/suppliers is an automated process impacting undisputed invoices not paid within 30 calendar days of the date the invoice is received
Vendors/Suppliers can calculate interest entitlements using the late payment interest calculator
Legislation requires that interest is paid for each day an undisputed invoice remains overdue past 30 calendar days (the calculated rate of interest is the Reserve Bank Cash Rate plus a 5% penalty)
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