How Late Payment Interest Works and associated Regulations came into effect on 17 February 2014
The Act allows small businesses to claim interest on invoices paid late i.e. greater than 30 days from the Agency received date.
Vendors can use the late payment interest calculator to calculate interest they may be entitled to.
Qualifying small businesses can claim late payment interest by submitting an invoice to Shared Services SA or the relevant Government Agency. Details on how to claim along with the qualifying requirements can be found in the Vendor Reference Guide below or on the Invoice Payment FAQ page.
A copy of the Act and Regulations is available from www.legislation.sa.gov.au.