This Act requires certain entities to report their payment terms, times and practices, and those of certain other entities they control, in relation to their small business suppliers. Other entities may volunteer or nominate to give reports.

A reporting entity or reporting nominee must give regular reports to the Payment Times Reporting Regulator. These reports are published on a publicly available register, known as the Payment Times Reports Register.

The Regulator is to be an SES employee in the Department. The functions of the Regulator include monitoring and enforcing compliance with this Act, and undertaking research and publishing reports and analysis on the payment terms, times and practices of reporting entities and reporting nominees.