Pay on time policy
Supplier pay on-time or pay interest policy
This resource management guide takes effect from 1 July 2014 and replaces Finance Circular 2012/02: Procurement On-Time Payment Policy for Small Business.
Non-corporate Commonwealth entities are required to agree to payment terms that provide payment no later than 30 days after the date of receipt by the entity from the supplier for contracts valued up to and including A$1 million (GST inclusive).
Where payment is not made within the maximum payment terms, the non-corporate Commonwealth entity is to pay interest to the supplier where the amount accrued is more than A$10 (GST inclusive).
- RMG-417 Supplier Pay On-Time or Pay Interest Policy [200KB]
- RMG-417 Supplier Pay On-Time or Pay Interest Policy [623KB]
Last updated: 15 June 2015