The Australian Supplier Payment Code is a voluntary national code of fair payment from business to their small business suppliers.
The Code followed after the Victorian Government recognised the problems small business faced as a result of late payments and, after raising the issues with the Federal Government, announced it would launch an Australia first fair payment code. After further consultation with business, industry and the Business Council of Australia (BCA), Victoria partnered with the BCA to introduce an expanded code to address the issue of late payments at a national level.
The Code, which is administered by the BCA, came into effect from 1 July 2017 and is open to all businesses, industries and government.
Business signing up to the Code commit to paying their small business suppliers within 30 days of receiving a tax invoice, working with suppliers to improve invoicing practices and developing processes for resolving payment disputes. Signatories have 18 months from the signing date to reach full compliance.
View full details of the Australian Supplier Payment Code.
The Victorian Government has signed up to the Code and is committed to ensuring its small business suppliers are paid within 30 days.
Numerous other Victorian based companies, government and industry bodies have also signed up to the Code. You can see a full list of Victorian signatories here.