The Territory Labor Government is continuing to support smallbusinesses, and from today slashing the payment terms of its invoices under $1million.
This means businesses will now bepaid in 14 business days not 21.
The changes will also make iteasier for businesses to submit invoices to Government via an online portal,cutting red tape and streamlining the process of receiving payment.
Government systems and processes have beenupdated ready for this change, making it easier, quicker, and more efficient toreceive payment. Regular monitoring and reporting has been put in place toensure the new timelines are met.
The NT Government currentlyprocesses around 500,000 invoices per year worth $1million or less.
Today also sees the commencement ofthe Investment Territory office that will lead awhole-of-government charge in attracting and securing private investment in theTerritory.
Investment Territory will pursueinvestment and make sure investors are supported from their first interestin the NT through to an investment outcome, helping reduce red tape andremove other roadblocks to investment.
Increasing private sectorinvestment creates strong economic growth and more local jobs.
As noted by the Chief Minister,Michael Gunner:
Creating local jobs is the number one priority of thisGovernment.
Our economy is driven by local business, and we are doingeverything we can to continue investing in jobs for Territorians by supportinglocal business.
This is why we have implementedseveral significant reforms to strengthen Buy Local conditions, and this is whyI am working with businesses to reduce red tape and remove roadblocks toinvestment.
Slashing the payment terms for small to medium business is one ofthe critical ways we can keep cash flowing for small business.
The change in payment terms means,once the work is done, businesses will have the money in their accounts morequickly removing that bit of stress from doing business.
