Small businesses in Buderim will have greater financial security and a better environment to expand, with a new Late Payment Policy ensuring the Queensland Government pays its bills on time.
Member for Buderim Steve Dickson says the decision guarantees government suppliers in Sunshine Coast electorate will be paid within 30 days, or gain interest on the amount they are owed.
“We promised to remove red tape and ease the burden on small businesses and I’m happy to be delivering that for the operators in Buderim” Mr Dickson said.
“Now, if government departments don’t pay within the stipulated 30 days settlement period, they’ll face penalties.
“Cash flow is vital to the operations of small businesses in Buderim and elsewhere, and this new policy will go a long way to keeping our local economy moving, providing certainty and the right environment for job creation,” Mr Dickson said.
The Queensland Government will monitor interest penalty payments and publish them on its open data site on a quarterly basis.
Mr Dickson said the Late Payment Policy was a key election commitment to support small business.
“This move is just another example of our commitment to being an open and accountable government,” Mr Dickson said.
“As well as improving cash flow for small businesses, this policy will also lead to enhanced payment performance by government department.”
Participation in the Late Payment Policy will be optional and applies to contracts up to $1 million, which have been submitted on correctly rendered undisputed tax invoices.
The changes will take effect on July 1, 2013.