The Business Payment Practices Act 2023 requires large entities to report how long they take to pay invoices. The new regime will encourage larger entities to improve their payment times.

Entities with revenue and expenditure are over particular thresholds will need to collect and report information about how long they take to pay their bills, to help bring transparency to business-to-business transactions.

The reporting time periods and the deadlines by which disclosures must be made for these entities are due to be published in the New Zealand Gazette in late 2023.

Which entities need to report their payment practices

Impacted entities are those that have:

• revenue of $33 million (excluding GST) or more, and
• third-party expenditure of $10 million (excluding GST) a year or more.

The Business Payment Practices Register

Entities will be required to enter payment data into form fields on the register website, however, they will not be required to upload commercially sensitive financial information. The new register homepage is available now; however the register is still being built. We will continue adding information to the register website over the next few months.

Business Payment Practices Register

How you can stay up to date

You can choose to receive updates from us directly.

Further information

More information about the specific disclosure requirements is available on the Ministry of Business, Innovation and Employment (MBIE) website.