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What '30 days to pay' means for small business
The NSW Government has introduced a policy requiring government agencies to pay small businesses within 30 days of receiving a correctly rendered invoice. This will improve support to small business by ensuring they are paid in a timely manner.
How it works
If a NSW government agency does not pay a small business within 30 days, the agency concerned must pay a penalty interest payment on the amount owed if the interest exceeds $20. The requirement to pay interest to small busness is effective from 1 January 2012.
A late payment interest calculator is available on the right hand side of this page to help small businesses work out the interest amount on their unpaid invoices so they know if they are eligible for a penalty payment.
All NSW government agencies will report their payment progress and performance on a quarterly basis to the Office of Finance and Services. These reports will be published on this site in 2012.
This policy is outlined in NSW Treasury Circular 11/12 Payment of Accounts.