New Business Late Payments Legislation unveiled

The Government has introduced new legislation aimed at protecting small businesses by ensuring companies pay their suppliers within 60 days. Late payments could now result in significant fines, and boards will be required to disclose payment terms in their audit reports.
Under the new measures, the Small Business Commissioner will gain expanded powers to investigate poor payment practices, resolve disputes, and impose fines on repeat offenders. These fines could amount to tens of millions for co