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The policy applies to written contracts for procurements between the TGA and a small business. These contracts must provide that, for payments valued up to and including AUD$5 million (GST inclusive), we will make payment to the small business not later than 30 days after the date of receipt of a correctly rendered invoice.
We may agree to make payments within a shorter period than 30 days.
In addition, for written contracts up to A$1 million (GST inclusive), we will pay interest on late payments following receipt of a correctly rendered invoice.