Changes to 30 day payment policy
To help small business with cash flow, the Northern Territory Government is speeding up its payment terms from 30 to 20 calendar days.
The changes will apply to undisputed invoices under $1 million.
The government processes around 500,000 invoices per annum with approximately 90% of those being paid within the current 30 day payment terms.
Government systems and processes have been updated, with the change coming into effect from 1 July.
Regular monitoring and reporting has also been put in place to ensure the new timelines are met.
Invoices relating to Power and Water Corporation, Jacana Energy, Territory Generation, Office of the Ombudsman, NT Fleet and construction and maintenance of infrastructure should continue to be lodged directly with those departments.
For further information on delivery details for invoices and the updated policy go to the Northern Territory Government website.