The Business Advisory Blog

The Business Advisory Blog

Insight, news and updates from Alliott NZ Chartered Accountants, Auckland New Zealand. The views expressed here are the views of the author and should be discussed in further detail should an article be relevant to your individual circumstances.

While every effort has been made to provide valuable, useful information in this publication, this firm and any related suppliers or associated companies accept no responsibility or any form of liability from reliance upon or use of its contents. Any suggestions should be considered carefully within your own particular circumstances, as they are intended as general information only.

Greg Millar
Published on

The Government will repeal the Business Payment Practices Act 2023, Small Business and Manufacturing Minister Andrew Bayly announced.

There is a major problem with large market players imposing long payment terms and routinely paying invoices late.

However, the Business Payment Practices Act is not an effective solution and would impose unnecessary compliance costs to over 3,000 businesses upgrading their ICT systems.

Furthermore, small businesses can already find out which companies are late payers through a credit agency at minimal cost.

The Government will be requiring government agencies to adopt faster payment times, including for eInvoices, which will support business cash flow and encourage the growth of eInvoicing.

Topics: cash flow compliance debtor days invoices New Zealand Payment methods small business