02 9683 5999The NSW government has implemented a 30 day payment policy to improve payments to small businesses that provide goods and services to NSW government agencies. A small business is determined by an entity having turnover of less than $2 million.
Under the new policy all NSW government agencies are required to make payments within 30 calendar days or face penalty interest on the outstanding debt. However, the policy does not apply retrospectively to contracts entered into prior to 1 July 2011.
For a business to qualify for payments under this policy, they are required to clearly identify themselves on all tax invoices to government agencies.
