Commonwealth: Payment Times Reporting Act 2020 (Cth)

Payment Times Reporting Act 2020 No. 91, 2020 Compilation No. 5 Compilation date: 21 February 2025 Includes amendments: Act No. 14, 2025 About this compilation This compilation This is a compilation of the Payment Times Reporting Act 2020 that shows the text of the law as amended and in force on 21 February 2025 (the compilation date). The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the Register for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the Register for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents Part 1—Preliminary 1 Short title 2 Commencement 3 Objects of this Act 4 Simplified outline of this Act 5 Definitions 6 Meaning of constitutionally covered entity 7 Meaning of reporting entity 8 Meaning of reporting period 9 Act binds the Crown 10 Extension to external Territories Part 1A—Provisions about reporting entities and reporting nominees Division 1—Introduction 10A Simplified outline of this Part Division 2—Volunteering entities 10B Volunteering entity determination 10C Application for Regulator to make a volunteering entity determination 10D Revocation of volunteering entity determination Division 3—Subsidiary reporting entities 10E Subsidiary reporting entity determination 10F Application for Regulator to make a subsidiary reporting entity determination 10G Revocation of subsidiary reporting entity determination Division 4—Ceasing to be a reporting entity 10H Notice that entity has ceased to be a reporting entity 10J Reporting entities must not give false or misleading notices 10K Regulator may determine that entity is to cease to be a reporting entity Division 5—Reporting nominees 10L Reporting nominee determination 10M Application for Regulator to make a reporting nominee determination 10N Revocation of reporting nominee determination Division 6—Exempt entities 10P Exempt entity determination 10Q Application for Regulator to make an exempt entity determination 10R Revocation of exempt entity determination Division 7—Entity information 10S Requirement to provide entity information Part 2—Reporting payment times Division 1—Introduction 11 Simplified outline of this Part Division 2—Reporting payment times 12 Reporting entities and reporting nominees must report payment times 13 When report must be given 13A Extension of time to give report—single extension of 28 days or less 13B Extension of time to give report—other extensions 14 Reporting requirements 15 Civil penalty provision for failure to report 16 Reporting entities and reporting nominees must not give false or misleading reports Division 3—Access to payment times reports 17 Payment Times Reports Register 18 Contents of register 19 Revised payment times reports 20 Regulator may remove certain information 21 Removal or non‑publication of payment times reports for volunteering entities that fail to comply with Act 22 Publication of information about failure to comply with Act 22A Publication of other information Division 4—Slow small business payers 22B Minister may give slow small business payer direction 22C Other provisions about giving slow small business payer directions 22D Slow small business payers 22E Requirements that may be included in slow small business payer direction 22F Duration of slow small business payer direction 22G Civil penalty provision for failure to comply with slow small business payer direction 22H Publication on Register Division 5—Fast small business payers 22J Fast small business payers 22K List of fast small business payers 22L False representations in relation to fast small business payers Part 3—Payment Times Reporting Regulator Division 1—Introduction 23 Simplified outline of this Part Division 2—Payment Times Reporting Regulator 24 Payment Times Reporting Regulator 25 Functions of the Regulator 26 Powers of the Regulator 27 Delegation by the Regulator Division 3—Applications made to the Regulator 27A Requirements for applications made to the Regulator 27B Fees for applications made to the Regulator Part 4—Compliance and enforcement Division 1—Introduction 28 Simplified outline of this Part Division 2—Obligations of reporting entities and reporting nominees 29 Record‑keeping requirements—reporting entities 29A Record‑keeping requirements—reporting nominees 30 Compliance audits Division 2A—Information‑gathering powers 30A Regulator may obtain information 30B Civil penalty provision for failure to comply with notice Division 3—Regulatory powers 31 Monitoring powers 32 Investigation powers 33 Civil penalty provisions 34 Infringement notices 34A Enforceable undertakings 35 Appointment of authorised officers 36 Appointment of infringement officers Part 5—Protected information Division 1—Introduction 38 Simplified outline of this Part Division 2—Authorised use or disclosure 39 Performing functions or exercising powers under this Act 40 Policy development 40A Compliance auditors 41 Proceedings etc. 42 Enforcement related activity 43 Information required by another Australian law 44 Person to whom information relates—disclosure and consent 45 Person who provided information Division 3—Unauthorised use or disclosure 46 Unauthorised use or disclosure Part 6—Miscellaneous Division 1—Introduction 47 Simplified outline of this Part Division 2—Treatment of certain kinds of entities 48 Treatment of partnerships 49 Treatment of unincorporated associations or bodies of persons 50 Treatment of trusts and superannuation funds and approved deposit funds that are trusts Division 3—Reviewable decisions 51 Reconsideration and review of decisions 52 Application for reconsideration of reviewable decision 53 Reconsideration of reviewable decision 54 Review by the Administrative Review Tribunal—reconsideration decisions 54AA Review by the Administrative Review Tribunal—decisions made by the Minister Division 4—Other matters 55 Former reporting entities 55A Former reporting nominees 55B Delegation by the Minister 56 Annual report 57 Protection against civil liability 57A Review of operation of this Act 57B Requirements for review 58 Rules Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to provide for certain entities to report payment terms, times and practices, and for related purposes Part 1—Preliminary 1 Short title This Act is the Payment Times Reporting Act 2020. 2 Commencement (1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. The whole of this Act As follows: 1 January 2021 (a) if this Act receives the Royal Assent before 1 January 2021—1 January 2021; (paragraph (a) applies) (b) if this Act receives the Royal Assent on or after 1 January 2021—the first 1 January or 1 July to occur after the day this Act receives the Royal Assent. Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act. 3 Objects of this Act The objects of this Act are: (a) to promote timely payment practices by large businesses, certain government entities and volunteering entities; and (b) to foster a culture of prompt payment practices by those entities to: (i) support economic growth; and (ii) improve outcomes for small business suppliers; and (c) to encourage those entities to improve their payment terms, times and practices in relation to their small business suppliers; and (d) to provide for those entities to report on payment terms, times and practices in relation to their small business suppliers; and (e) to improve the transparency of the payment terms, times and practices of large businesses. 4 Simplified outline of this Act 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. 5 Definitions In this Act: accounting standards has the same meaning as in the Corporations Act 2001. Australia has the same meaning as in the Income Tax Assessment Act 1997. Australian and New Zealand Standard Industrial Classification means the Australian and New Zealand Standard Industrial Classification (ANZSIC) 2006, as published from time to time by the Australian Bureau of Statistics. Australian law means a law of the Commonwealth, or of a State or Territory. authorised officer means a person appointed as an authorised officer under subsection 35(1). carries on business in Australia: an entity carries on business in Australia if the entity: (a) in the case of a body corporate—carries on business in Australia, a State or a Territory within the meaning of the Corporations Act 2001 (see section 21 of that Act); or (b) in any other case—would be taken to do so within the meaning of that Act if the entity were a body corporate. carrying on an enterprise includes doing anything in the course of the commencement or termination of the enterprise. civil penalty provision has the same meaning as in the Regulatory Powers Act. commercial‑in‑confidence has the meaning given by subsection 20(3). consolidated revenue, of an entity, means: (a) the total revenue of the entity, for a financial year; or (b) if the entity controls another entity or entities—the total revenue of the entity and all of the controlled entities, considered as a group, for a financial year of the controlling entity; worked out in accordance with the accounting standards, even if those standards do not otherwise apply to such an entity (including a controlling entity) or group. constitutional corporation means a corporation to which paragraph 51(xx) of the Constitution applies. constitutionally covered entity has the meaning given by section 6. control, of an entity by another entity, means control of the entity within the meaning of the accounting standards. enforcement body has the same meaning as in the Privacy Act 1988. enforcement related activity has the same meaning as in the Privacy Act 1988. engage in conduct means: (a) do an act; or (b) omit to perform an act. enterprise has the same meaning as in the A New Tax System (Goods and Services Tax) Act 1999. entity has the same meaning as in the Income Tax Assessment Act 1997. entrusted person means: (a) the Secretary; or (b) the Regulator; or (c) an APS employee in the Department; or (d) any other person employed in or engaged by the Department. exempt entity means an entity in relation to which a determination under subsection 10P(1) is in effect. fast small business payer: see subsection 22J(1). Federal Court means the Federal Court of Australia. financial year, in relation to an entity: (a) if a paragraph of the definition of financial year in section 9 of the Corporations Act 2001 applies to the entity—has the meaning given by that definition; or (b) otherwise—means an income year for the entity. foreign entity has the same meaning as in the Income Tax Assessment Act 1997. income tax has the same meaning as in the Income Tax Assessment Act 1997. income year for an entity: (a) has the same meaning as in the Income Tax Assessment Act 1997; or (b) if income tax is not payable by the entity under that Act—means: (i) a period of 12 months starting on 1 July; or (ii) if the rules prescribe a period of 12 months—the prescribed period. internal decision reviewer has the meaning given by subsection 53(1). issuing officer means: (a) a magistrate; or (b) a Judge of the Federal Court or the Federal Circuit and Family Court of Australia (Division 2). list of fast small business payers means the list maintained and published on the register in accordance with section 22K. payment times report means a report prepared for the purposes of Division 2 of Part 2 (reporting payment times). Payment Times Small Business Identification Tool has the meaning prescribed by the rules. principal governing body, of an entity, means: (a) the body, or group of members of the entity, with primary responsibility for the governance of the entity; or (b) if the entity is of a kind prescribed by the rules—a prescribed body within the entity, or a prescribed member or members of the entity. Example: Examples of principal governing bodies are as follows: (a) for a company—the company's board of directors; (b) for a superannuation fund—the fund's board of trustees. protected information means information obtained under, or in accordance with, this Act. provisional reporting period, of an entity, means a period in a financial year: (a) if the entity is a reporting entity or a reporting nominee for the whole of the financial year—that is a reporting period of the entity in the financial year; or (b) otherwise—that would be a reporting period for the entity if the entity were a reporting entity or a reporting nominee for the whole of the financial year. reconsideration decision means a decision made under subsection 53(2). register means the Payment Times Reports Register established under section 17. Regulator has the meaning given by subsection 24(3). Regulatory Powers Act means the Regulatory Powers (Standard Provisions) Act 2014. relevant court means: (a) the Federal Court; or (b) the Federal Circuit and Family Court of Australia (Division 2); or (c) a court of a State or Territory that has jurisdiction in relation to matters arising under this Act. reporting cycle: each of the following is a reporting cycle: (a) a period of 6 months starting on 1 January; (b) a period of 6 months starting on 1 July. reporting entity has the meaning given by section 7. Note: See also section 55 (former reporting entities). reporting nominee means an entity in relation to which a determination under subsection 10L(1) is in effect. Note: See also section 55A (former reporting nominees). reporting period has the meaning given by section 8. responsible member, of an entity, in relation to a requirement under this Act that a report, application or other matter be approved, means: (a) an individual member of the entity's principal governing body who is authorised to approve the report, application or other matter; or (b) if the entity is a trust administered by a sole trustee—that trustee; or (c) if the entity is a corporation sole—the individual constituting the corporation; or (d) if the entity is under administration within the meaning of the Corporations Act 2001—the administrator; or (e) if the entity is of a kind prescribed by the rules—a prescribed member of the entity. reviewable decision: see section 51. rules means rules made under section 58. Secretary means the Secretary of the Department. slow small business payer: see section 22D. slow small business payer direction means a direction given under subsection 22B(1). small business means an entity described as a small business in the Payment Times Small Business Identification Tool. small business invoice means a document, notifying an obligation to make a payment, issued to an entity by a small business supplier of the entity. small business supplier, in relation to an entity, means a small business that supplies goods or services to the entity. subsidiary reporting entity means an entity in relation to which a determination under subsection 10E(1) is in effect. this Act includes the rules. total income has the same meaning as in section 3C of the Taxation Administration Act 1953. use, in relation to information, includes making a record of the information. volunteering entity means a reporting entity that is a reporting entity only because of a determination under subsection 10B(1). 6 Meaning of constitutionally covered entity Each of the following is a constitutionally covered entity: (a) a constitutional corporation; (b) a foreign entity; (c) an entity, other than a body politic, that carries on an enterprise in a Territory; (d) a body corporate that is incorporated in a Territory; (e) a body corporate that is taken to be registered in a Territory under section 119A of the Corporations Act 2001; (f) a corporate Commonwealth entity, or a Commonwealth company, within the meaning of the Public Governance, Performance and Accountability Act 2013. 7 Meaning of reporting entity (1) A constitutionally covered entity becomes a reporting entity at the start of a financial year for the entity if the entity is covered by subsection (2). (2) An entity is covered by this subsection if: (a) the entity: (i) carries on business in Australia; or (ii) is a company that is incorporated in Australia; or (iii) is a company that is not incorporated in Australia, but has either its central management and control in Australia, or its voting power controlled by shareholders who are residents of Australia; or (iv) is a corporate Commonwealth entity, or a Commonwealth company, within the meaning of the Public Governance, Performance and Accountability Act 2013; and (b) the entity's consolidated revenue for the previous financial year is more than $100 million; and (c) the entity is not controlled by another entity that is a reporting entity; and (d) the entity is not registered under the Australian Charities and Not‑for‑profits Commission Act 2012. (3) If the Regulator determines under subsection 10B(1) that a constitutionally covered entity is a reporting entity, the entity becomes a reporting entity at the time the determination takes effect (unless the reporting entity is already a reporting entity at that time). Note: An entity that a determination under subsection 10B(1) applies to is a volunteering entity (see the definition of volunteering entity in section 5). (4) If the Regulator determines under subsection 10E(1) that a constitutionally covered entity is a subsidiary reporting entity, the entity becomes a reporting entity at the time the determination takes effect (unless the subsidiary reporting entity is already a reporting entity at that time). Ceasing to be a reporting entity (5) A reporting entity continues to be a reporting entity until: (a) if the entity is a volunteering entity—the determination under subsection 10B(1) that relates to the entity is revoked, or taken to be revoked, under subsection 10D(2), (3) or (7); or (b) if the entity is a subsidiary reporting entity—the determination under subsection 10E(1) that relates to the entity is revoked under section 10G; or (c) a notice under subsection 10H(2) (notice that entity has ceased to be a reporting entity) takes effect; or (d) the entity ceases to be a reporting entity under subsection 10K(2) (Regulator may determine that entity is to cease to be a reporting entity). 8 Meaning of reporting period (1) Subject to subsections (2) and (4), each of the following is a reporting period for a reporting entity: (a) the first 6 months of each financial year for the entity in which the entity is a reporting entity; (b) the remainder of each such financial year. Volunteering entities (2) If a volunteering entity becomes a reporting entity on a day in a financial year for the entity that is not the first day of that financial year, any part of that financial year before the day the entity becomes a reporting entity is not a reporting period, or part of a reporting period, for the entity. Reporting nominees (3) A reporting period for a reporting nominee is any period, in a financial year, to which both of the following apply: (a) a determination under subsection 10L(1) is in effect for the entity for the whole of the period; (b) the period would be a reporting period for the reporting nominee if the reporting nominee were a reporting entity for the whole of the financial year (subject to subsection (4)). Reporting periods where an entity's financial year changes (4) If: (a) a reporting entity's financial year changes; and (b) as a result of the change, the entity has a financial year that is longer or shorter than 12 months; then, subject to subsection (2), the entity has the following reporting periods in that financial year: (c) if there is a period of 6 months that begins at the start of the financial year and falls entirely within the financial year—that period; (d) subject to subsection (5)—each subsequent period (if any) of 6 months that falls entirely within the financial year; (e) any period of less than 6 months that remains in the financial year after applying paragraphs (c) and (d). (5) If: (a) section 323D of the Corporations Act 2001 applies to a reporting entity; and (b) a financial year of the entity is made longer under subsection (2) of that section; then the period of 6 months mentioned in paragraph (4)(d) of this section, as it applies to that financial year, is taken to include the days by which the financial year was made longer. Note: Subsection 323D(2) of the Corporations Act 2001 provides for the financial years of certain kinds of entities to be made longer (or shorter) by a period of not more than 7 days. 9 Act binds the Crown (1) This Act binds the Crown in each of its capacities. (2) This Act does not make the Crown liable to be prosecuted for an offence. Note: In addition, the Crown in right of the Commonwealth is not liable to a pecuniary penalty or to be given an infringement notice in relation to contraventions of this Act: see subsections 33(4) and 34(4). 10 Extension to external Territories This Act extends to every external Territory. Part 1A—Provisions about reporting entities and reporting nominees Division 1—Introduction 10A Simplified outline of this Part This Part provides for various ways that an entity can become, or cease to be, a reporting entity. This Part also provides for entities to nominate as reporting nominees, and provide payment times reports relating to other entities they control. Division 2 provides for a constitutionally covered entity to apply to the Regulator to volunteer to be a reporting entity. Division 3 provides for subsidiary reporting entities. A constitutionally covered entity, that is controlled by another entity that is a reporting entity, may apply to the Regulator to become a reporting entity in its own right. Division 4 provides for ways for an entity to cease to be a reporting entity. Division 5 provides for reporting nominees. Division 6 provides for the Regulator to exempt reporting entities and reporting nominees from reporting obligations. Division 7 provides for the rules to require reporting entities and reporting nominees to give information about themselves, and other entities they control, to the Regulator. Division 2—Volunteering entities 10B Volunteering entity determination (1) The Regulator may determine, in writing, that a constitutionally covered entity is a reporting entity if: (a) the entity applies to the Regulator under subsection 10C(1); and (b) the Regulator is satisfied that: (i) the entity is not a reporting entity as a result of becoming a reporting entity under subsection 7(1); and (ii) the entity is not controlled by another entity that is a reporting entity. Note 1: An entity to which a determination under this subsection applies is a volunteering entity (see the definition of volunteering entity in section 5). Note 2: A decision not to determine that an entity is a reporting entity is reviewable: see section 51. (2) A determination under subsection (1) takes effect at the time specified in the determination, which must be: (a) the time specified in the application for the purposes of subsection 10C(2); or (b) if the application does not specify a time for the purposes of subsection 10C(2)—at the start of the first provisional reporting period of the entity that begins after the Regulator makes the determination. (3) Despite paragraph (2)(a), the time specified in the determination may be the start of the first provisional reporting period of the entity that begins after the Regulator makes the determination, if the Regulator considers it appropriate in all the circumstances for the determination to take effect at that time. (4) A determination under subsection (1) is not a legislative instrument. 10C Application for Regulator to make a volunteering entity determination (1) A constitutionally covered entity (the applicant) may apply, in writing, for the Regulator to determine, under subsection 10B(1), that the applicant is a reporting entity. Note: See section 27A (requirements for applications made to the Regulator). (2) An application under subsection (1) may specify the time when the applicant proposes the determination to take effect, which must be either: (a) the start of the provisional reporting period of the applicant in which the application is made; or (b) the start of the provisional reporting period of the applicant that follows the provisional reporting period mentioned in paragraph (a). 10D Revocation of volunteering entity determination Automatic revocation (1) A determination under subsection 10B(1) that relates to an entity is taken to be revoked if the entity becomes a reporting entity under subsection 7(1). (2) A determination under subsection 10B(1) that relates to an entity is taken to be revoked if the entity begins to be controlled by another entity that is a reporting entity. Revocation by Regulator (3) The Regulator may revoke a determination under subsection 10B(1), by written notice given to the entity to which the determination relates, if the Regulator reasonably suspects that the entity has failed to comply with this Act. Note: A decision to revoke a determination under subsection 10B(1) that an entity is a reporting entity is reviewable: see section 51. (4) The revocation takes effect on the day specified in the notice, which may be before the Regulator revokes the determination. Revocation on notice by reporting entity (5) If: (a) the Regulator has made a determination under subsection 10B(1) in respect of a reporting entity; and (b) the determination has not been revoked; the entity may, by written notice to the Regulator, inform the Regulator that the entity wishes to cease to be a volunteering entity. (6) A notice under subsection (5) must specify the time when the determination under subsection 10B(1) is to be revoked, which must be either: (a) the start of the reporting period of the entity in which the entity gives the notice to the Regulator; or (b) the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a) of this subsection. (7) If a reporting entity gives the Regulator a notice under subsection (5), the determination mentioned in paragraph (5)(a) is taken to be revoked at the time specified in the notice for the purposes of paragraph (6)(a) or (b). Division 3—Subsidiary reporting entities 10E Subsidiary reporting entity determination (1) The Regulator may determine, in writing, that a constitutionally covered entity is a subsidiary reporting entity if: (a) the entity applies to the Regulator under subsection 10F(1); and (b) the entity is controlled by another entity that is a reporting entity; and (c) the Regulator is satisfied that granting the application: (i) would not be contrary to the public interest; and (ii) would be consistent with the objects of this Act; and (d) the Regulator is satisfied of any other matters prescribed by the rules. Note 1: A subsidiary reporting entity becomes a reporting entity when the determination under this subsection takes effect (see subsection 7(4)). Note 2: Rules made for the purposes of section 14 may provide that: (a) a payment times report given by a subsidiary reporting entity must include information about the payment terms, times and practices of the entity and other entities that the entity controls; and (b) that information is not required to be included in a payment times report given by the reporting entity that controls the subsidiary reporting entity. Note 3: Rules made for the purposes of section 14 may make other provision in relation to subsidiary reporting entities. Note 4: A decision not to determine that an entity is a subsidiary reporting entity is reviewable: see section 51. (2) In deciding whether to make a determination under subsection (1), the Regulator must have regard to any matters prescribed by the rules. When determination takes effect (3) A determination under subsection (1) takes effect at the time specified in the determination, which must be: (a) the time specified in the application for the purposes of subsection 10F(2); or (b) if the application does not specify a time for the purposes of subsection 10F(2)—at the start of the first provisional reporting period of the entity that begins after the Regulator makes the determination. (4) Despite paragraph (3)(a), the time specified in the determination may be the start of the first provisional reporting period of the entity that begins after the Regulator makes the determination, if the Regulator considers it appropriate in all the circumstances for the determination to take effect at that time. Determination is not a legislative instrument (5) A determination under subsection (1) is not a legislative instrument. 10F Application for Regulator to make a subsidiary reporting entity determination (1) A constitutionally covered entity (the applicant) may apply, in writing, for the Regulator to determine, under subsection 10E(1), that the applicant is a subsidiary reporting entity. Note: See section 27A (requirements for applications made to the Regulator). (2) An application under subsection (1) may specify the time when the applicant proposes the determination to take effect, which must be either: (a) the start of the provisional reporting period of the applicant in which the applicant gives the application to the Regulator; or (b) the start of the provisional reporting period of the applicant that follows the reporting period mentioned in paragraph (a). 10G Revocation of subsidiary reporting entity determination Revocation by Regulator (1) The Regulator may revoke a determination under subsection 10E(1) by written notice given to the subsidiary reporting entity to which the determination relates. Note: A decision to revoke a determination that an entity is a subsidiary reporting entity is reviewable: see section 51. (2) A revocation under subsection (1) takes effect at the time specified in the notice, which must be either: (a) the start of the reporting period of the entity in which the Regulator gives the notice; or (b) the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a) of this subsection. Revocation on notice by reporting entity (3) If: (a) the Regulator has made a determination under subsection 10E(1) in respect of an entity; and (b) the determination has not been revoked; the entity may, by written notice to the Regulator, inform the Regulator that the entity wishes to cease to be a subsidiary reporting entity. (4) A notice under subsection (3) must specify the time when the determination under subsection 10E(1) is to be revoked, which must be either: (a) the start of the reporting period of the entity in which the entity gives the notice to the Regulator; or (b) the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a) of this subsection. (5) If a subsidiary reporting entity gives the Regulator a notice under subsection (3), the determination mentioned in paragraph (3)(a) is taken to be revoked at the time specified in the notice for the purposes of paragraph (4)(a) or (b). Division 4—Ceasing to be a reporting entity 10H Notice that entity has ceased to be a reporting entity (1) A reporting entity ceases to be a reporting entity if: (a) the entity is not: (i) a volunteering entity; or (ii) a subsidiary reporting entity; and (b) any of the following circumstances exist: (i) paragraph 7(2)(a) does not apply to the entity; (ii) the entity's consolidated revenue for each of the 2 previous financial years was not more than $100 million; (iii) the entity is controlled by another entity that is a reporting entity; (iv) the entity is registered under the Australian Charities and Not‑for‑profits Commission Act 2012; and (c) the reporting entity gives the Regulator a notice under subsection (2); and (d) the notice takes effect under subsection (5). Giving of notice (2) A reporting entity may give the Regulator a notice for the purposes of paragraph (1)(c). (3) The notice: (a) must be given in the form and manner (if any) approved in an instrument under subsection (4); and (b) must state the name of the reporting entity; and (c) must state which circumstance or circumstances mentioned in paragraph (1)(b) exist; and (d) must be approved in writing by a responsible member of the entity; and (e) must state the name of the responsible member of the entity who approved the notice. (4) The Regulator may, by notifiable instrument, approve a form or manner for the purposes of paragraph (3)(a). When notice takes effect (5) The notice takes effect at the start of the reporting period in which the notice is given, but only if one or more subparagraphs of paragraph (1)(b) apply to the entity at the start of that reporting period. Note: If no subparagraphs of paragraph (1)(b) apply to the entity at the start of the reporting period, the entity does not cease to be a reporting entity and must continue to give payment times reports. Withdrawing a notice (6) An entity that has given a notice under subsection (2) may, by written notice given to the Regulator, withdraw the notice (even if the entity has ceased to be a reporting entity). (7) If an entity withdraws, under subsection (6), a notice given under subsection (2): (a) the notice under subsection (2) is taken never to have had effect; and (b) the entity is taken not to have ceased to be a reporting entity because of the notice. 10J Reporting entities must not give false or misleading notices (1) A reporting entity is liable to a civil penalty if: (a) the entity gives the Regulator a notice under subsection 10H(2); and (b) the notice is false or misleading in a material particular. Civil penalty: 350 penalty units. (2) For the purposes of subsection (1), the reference in paragraph 82(5)(a) of the Regulatory Powers Act to 5 times the pecuniary penalty specified for the civil penalty provision has effect as if it were a reference to 0.6% of the total income for the person for the income year in which the contravention occurred. Note: This subsection modifies the maximum pecuniary penalty that a body corporate can be ordered to pay for a contravention of subsection (1). 10K Regulator may determine that entity is to cease to be a reporting entity (1) The Regulator may determine, in writing, that a reporting entity is to cease to be a reporting entity at the time specified under subsection (2), if: (a) the entity is not: (i) a volunteering entity; or (ii) a subsidiary reporting entity; and (b) the Regulator is satisfied that: (i) the entity has ceased to exist; or (ii) paragraph 7(2)(a) does not apply to the entity; or (iii) the entity's consolidated revenue for each of the 2 most recent financial years was not more than $100 million; or (iv) the entity is controlled by another entity that is a reporting entity; or (v) the entity is registered under the Australian Charities and Not‑for‑profits Commission Act 2012; or (vi) a circumstance prescribed by the rules applies. Note: A decision to determine that a reporting entity is to cease to be a reporting entity is reviewable: see section 51. (2) If the Regulator makes a determination under subsection (1) in relation to an entity, the entity ceases to be a reporting entity at the time specified in the determination, which must be either: (a) the start of the reporting period of the entity in which the determination is made; or (b) the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a). (3) The Regulator must give written notice of a determination under subsection (1) to the entity concerned. (4) To avoid doubt, a determination under subsection (1) that relates to an entity does not prevent the entity becoming a reporting entity again. Determination is not a legislative instrument (5) A determination under subsection (1) is not a legislative instrument. Division 5—Reporting nominees 10L Reporting nominee determination (1) The Regulator may determine, in writing, that a constitutionally covered entity (the first entity) is a reporting nominee for one or more other entities (the other entities) specified in the determination if: (a) the first entity applies to the Regulator under subsection 10M(1); and (b) the application specifies each of the other entities for the purposes of paragraph 10M(2)(a); and (c) the Regulator is satisfied that the first entity controls each of the other entities; and (d) the Regulator is satisfied that at least one of the other entities is a reporting entity; and (e) the Regulator is satisfied that each of the other entities that is a reporting entity has consented to the first entity being a reporting nominee for that other entity; and (f) the Regulator is satisfied that the first entity is not a reporting entity; and (g) the Regulator is satisfied that granting the application: (i) would not be contrary to the public interest; and (ii) would be consistent with the objects of this Act; and (h) the Regulator is satisfied of any other matters prescribed by the rules. Note 1: The determination does not result in the reporting nominee becoming a reporting entity. Note 2: If any of the other entities are reporting entities, the determination does not result in those entities ceasing to be reporting entities. However, rules made for the purposes of section 14 may prescribe different reporting requirements for different circumstances (see subsections 14(3) and (4)). For example, the rules may provide that a report given by one of the other entities need not include certain information that is required to be included in the reporting nominee's report. Note 3: A decision not to determine that an entity is a reporting nominee is reviewable: see section 51. (2) In deciding whether to make a determination under subsection (1), the Regulator must have regard to any matters prescribed by the rules. When determination takes effect (3) A determination under subsection (1) takes effect at the time specified in the determination, which must be: (a) the time specified in the application for the purposes of paragraph 10M(2)(b); or (b) if the application does not specify a time for the purposes of paragraph 10M(2)(b)—at the start of the first provisional reporting period of the first entity that begins after the Regulator makes the determination. (4) Despite paragraph (3)(a), the time specified in the determination may be the start of the first provisional reporting period of the first entity that begins after the Regulator makes the determination, if the Regulator considers it appropriate in all the circumstances for the determination to take effect at that time. Determination is not a legislative instrument (5) A determination under subsection (1) is not a legislative instrument. 10M Application for Regulator to make a reporting nominee determination (1) A constitutionally covered entity (the applicant) may apply, in writing, for the Regulator to determine under subsection 10L(1) that the applicant is a reporting nominee for one or more other entities. Note: See section 27A (requirements for applications made to the Regulator). (2) An application under subsection (1): (a) must identify the other entity or entities; and (b) may specify the time when the applicant proposes the determination to take effect, which must be either: (i) the start of the provisional reporting period of the applicant in which the applicant gives the application to the Regulator; or (ii) the start of the provisional reporting period of the applicant that follows the provisional reporting period mentioned in subparagraph (i). 10N Revocation of reporting nominee determination (1) The Regulator may revoke a determination under subsection 10L(1) by written notice given to: (a) the reporting nominee; and (b) each reporting entity to which the determination relates. Note: A decision to revoke a determination that an entity is a reporting nominee is reviewable: see section 51. (2) A revocation under subsection (1) takes effect on the day specified in the notice, which must be either: (a) the start of the reporting period of the reporting nominee in which the Regulator gives the notice; or (b) the start of the reporting period of the reporting nominee that follows the reporting period mentioned in paragraph (a) of this subsection. Revocation on notice by reporting nominee or reporting entity (3) If: (a) the Regulator has made a determination under subsection 10L(1) that an entity is a reporting nominee for one or more other entities; and (b) the determination has not been revoked; the reporting nominee, or any of the other entities that is a reporting entity, may, by written notice to the Regulator, inform the Regulator that the determination is to be revoked. (4) A notice under subsection (3) must specify the time when the determination under subsection 10L(1) is to be revoked, which must be either: (a) the start of the reporting period of the reporting nominee in which the notice is given to the Regulator; or (b) the start of the reporting period of the reporting nominee that follows the reporting period mentioned in paragraph (a) of this subsection. (5) If the Regulator is given a notice under subsection (3), the determination mentioned in paragraph (3)(a) is taken to be revoked at the time specified in the notice for the purposes of paragraph (4)(a) or (b). Division 6—Exempt entities 10P Exempt entity determination (1) The Regulator may determine, in writing, that an entity that is a reporting entity or a reporting nominee is an exempt entity if: (a) the entity applies to the Regulator under subsection 10Q(1); and (b) the Regulator is satisfied that: (i) the entity is a reporting entity or a reporting nominee; and (ii) it is appropriate in the circumstances to make the determination, having regard to the objects of this Act. Note 1: An exempt entity is not required to give certain payment times reports (see subsections 12(2) and (4)). Note 2: A decision not to determine that an entity is an exempt entity is reviewable: see section 51. (2) The Regulator may impose conditions on a determination under subsection (1). When exemption has effect (3) A determination under subsection (1) must specify: (a) any conditions imposed under subsection (2); and (b) the time the determination takes effect, which: (i) may be, but need not be, the time (if any) specified in the application under subsection 10Q(2); and (ii) may be before the day the determination is made; and (c) the time the determination ceases to have effect, which must be no more than 2 years after the determination takes effect. (4) The determination takes effect, and ceases to have effect, as specified under paragraphs (3)(b) and (c). Determination is not a legislative instrument (5) A determination under subsection (1) is not a legislative instrument. 10Q Application for Regulator to make an exempt entity determination (1) An entity (the applicant) that is a reporting entity or a reporting nominee may apply, in writing, for the Regulator to determine, under subsection 10P(1), that the applicant is an exempt entity. Note: See section 27A (requirements for applications made to the Regulator). (2) An application under subsection (1) may specify the time that the applicant proposes the determination to take effect. 10R Revocation of exempt entity determination (1) The Regulator may revoke a determination under subsection 10P(1), by written notice given to the exempt entity to which the determination relates, if the Regulator is satisfied that: (a) the entity has failed to comply with a condition imposed on the determination under subsection 10P(2); or (b) it is no longer appropriate in the circumstances for the entity to be an exempt entity. Note: A decision to revoke a determination that an entity is an exempt entity is reviewable: see section 51. (2) A revocation under subsection (1) takes effect on the day specified in the notice, which may be a day before the day the notice is given to the exempt entity. (3) To avoid doubt, if a revocation under subsection (1) takes effect on a day before the day the notice is given, the entity concerned is taken not to have been an exempt entity on or after the day the revocation takes effect (including for the purposes of subsections 12(2) and (4)). Timeframe for reporting (4) If: (a) a revocation under subsection (1) takes effect on a day that is before the day (the notice day) on which the notice is given; and (b) the revocation results in a reporting entity or reporting nominee being required to give a payment times report for a reporting period that ended before the notice day; and (c) section 13 would, but for this subsection, require that report to be given to the Regulator by a time before the end of 3 months after the notice day; then section 13 is taken to require the report to be given to the Regulator within 3 months after the notice day (subject to any extension of time allowed by the Regulator under section 13A or 13B). Division 7—Entity information 10S Requirement to provide entity information (1) The rules may require an entity (the first entity) that is a reporting entity or a reporting nominee to give the Regulator information about: (a) the first entity; and (b) any entities that the first entity controls. Note: The rules may require a payment times report given by the entity to include a declaration that information given to the Regulator under rules made for the purposes of this section is correct (see paragraph 14(2)(d)). (2) Without limiting subsection (1), the rules may do any of the following: (a) require information relating to any of the following: (i) the identity of an entity; (ii) an entity's financial, accounting or governance arrangements; (iii) a description or classification of an entity's business activities; (iv) an entity's principal governing body and responsible members; (v) contact details; (vi) an entity's invoicing and procurement practices; (b) require information to be given at particular times; (c) require the first entity to update or correct information that has previously been provided; (d) require information to be given in the form and manner (if any) approved in an instrument under subsection (3). (3) The Regulator may, by notifiable instrument, approve a form or manner for the purposes of paragraph (2)(d). Part 2—Reporting payment times Division 1—Introduction 11 Simplified outline of this Part This Part requires reporting entities and reporting nominees to give the Regulator payment times reports for their reporting periods. A report for a reporting period must be given within 3 months after the end of the period, unless the Regulator allows an extension of time. A payment times report must contain the information and documents prescribed by the rules, and must comply with a number of requirements relating to the preparation and approval of reports. Civil penalties apply to reporting entities (other than volunteering entities) and reporting nominees that: (a) fail to report; or (b) give the Regulator a false or misleading report. Payment times reports are published on a publicly available register, known as the Payment Times Reports Register. A reporting entity or reporting nominee may register a revised payment times report. If the Regulator is satisfied that an entity has failed to comply with this Act, the Regulator may publish the identity of the entity, or details of the entity's non‑compliance, on the register. Division 4 provides for the Minister to give slow small business payer directions, which may require reporting entities or reporting nominees to publish the fact that they are slow small business payers. Division 5 requires the Regulator to maintain and publish a list of fast small business payers on the register. The Regulator can exclude an entity from the list of fast small business payers for a period in certain circumstances. Civil penalties apply to entities that make representations about being a fast small business payer when the entity is not included in the list of fast small business payers. Division 2—Reporting payment times 12 Reporting entities and reporting nominees must report payment times Reporting entities (1) A reporting entity must give the Regulator a payment times report for each reporting period for the entity. (2) However, a reporting entity is not required to give the Regulator a payment times report for a reporting period if the entity is an exempt entity for any part of the reporting period. Reporting nominees (3) A reporting nominee must give the Regulator a payment times report for each reporting period for the reporting nominee. (4) However, a reporting nominee is not required to give the Regulator a payment times report for a reporting period if the reporting nominee is an exempt entity for any part of the reporting period. 13 When report must be given The report must be given within 3 months after the end of the reporting period. 13A Extension of time to give report—single extension of 28 days or less (1) An entity that is required to give a payment times report may apply, in writing, to the Regulator for a further period of 28 days or less to give the report. Note: See section 27A (requirements for applications made to the Regulator). (2) An application under this section may only be made if: (a) the period in which the report is required to be given has not ended; and (b) the Regulator has not previously allowed the entity further time to give the report under this section or section 13B. (3) The application must: (a) state the further period that the applicant is seeking to give the report, which must end 28 or fewer days after the day the applicant would otherwise be required to give the report; and (b) state the circumstances that have resulted in the need for further time. (4) The Regulator may, by written notice to the entity, allow the entity such further time to give the report as is specified in the application, if: (a) the Regulator has considered the application and any matters prescribed by the rules; and (b) the Regulator is satisfied that the applicant requires additional time to give the report. Note: A decision not to allow further time is reviewable: see section 51. 13B Extension of time to give report—other extensions (1) An entity that is required to give a payment times report may apply, in writing, to the Regulator for a further period to give the report. Note: See section 27A (requirements for applications made to the Regulator). (2) An application under this section may only be made if: (a) the period in which the report is required to be given (including that period as previously extended under this section) has not ended; and (b) the Regulator has not previously allowed the entity further time to give the report under section 13A. (3) The application must: (a) state the further period that the applicant is seeking to give the report; and (b) state the circumstances that have resulted in the need for further time; and (c) include evidence of those circumstances. (4) The Regulator may, by written notice to the entity, allow the entity such further time to give the report as is specified in the notice, if: (a) the Regulator has considered the application and any matters prescribed by the rules; and (b) the Regulator is satisfied that the circumstances that have resulted in the need for further time are exceptional. Note: A decision not to allow further time is reviewable: see section 51. (5) The Regulator must not specify more time in the notice than the Regulator considers appropriate, having regard to: (a) the severity of the circumstances that have resulted in the need for further time; and (b) the strength of the evidence of those circumstances included in the application. 14 Reporting requirements Content requirements (1) A payment times report that is required to be given to the Regulator by an entity (the first entity) that is a reporting entity or a reporting nominee must include: (a) the information and documents, relating to the first entity's payment terms, times or practices in relation to small business suppliers, that are prescribed by the rules; and (b) the information and documents, relating to the timing of the first entity's payments of small business invoices, that are prescribed by the rules; and (c) any other information and documents prescribed by the rules. (2) Without limiting subsection (1), the rules may do any of the following: (a) require the report to include information and documents of a kind referred to in subsection (1) in relation to an entity that the first entity controls; (b) require the report to consolidate information and documents relating to different entities; (c) prescribe a method for working out any of the matters that must be included in the report; (d) require the report to include a declaration that information provided by the first entity under rules made for the purposes of section 10S is correct, or was correct at a particular time. Note: The rules may, in accordance with paragraph (a), require a report given by a reporting nominee to include information and documents relating to another entity specified in the determination under subsection 10L(1). (3) Without limiting subsection (1), the rules may: (a) require reports to include different information and documents in different circumstances; and (b) require a report to include a statement about whether a circumstance mentioned in paragraph (a) of this subsection applies. Note: See section 16 in relation to false or misleading reports. (4) Subsection (3) does not limit subsection 33(3A) of the Acts Interpretation Act 1901. Approval requirement (5) The report must: (a) be approved in writing by a responsible member of the first entity; and (b) include the name of the responsible member of the first entity who approved the report. Form and manner for giving report (6) The report must be given in the form and manner (if any) approved in an instrument under subsection (7). (7) The Regulator may, by notifiable instrument, approve a form or manner for the purposes of subsection (6). Applying, adopting or incorporating other instruments etc. (8) Despite subsection 14(2) of the Legislation Act 2003, rules made for the purposes of this section may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in an instrument or other writing as in force or existing from time to time. 15 Civil penalty provision for failure to report (1) A reporting entity is liable to a civil penalty if: (a) the entity is required to give the Regulator a payment times report in accordance with this Division; and (b) the entity fails to comply with the requirement; and (c) the entity is a not a volunteering entity. Civil penalty: 60 penalty units. (2) A reporting nominee is liable to a civil penalty if: (a) the reporting nominee is required to give the Regulator a payment times report in accordance with this Division; and (b) the reporting nominee fails to comply with the requirement. Civil penalty: 60 penalty units. 16 Reporting entities and reporting nominees must not give false or misleading reports Reporting entities that are not volunteering entities (1) A reporting entity is liable to a civil penalty if: (a) the entity gives the Regulator a payment times report; and (b) the report is false or misleading in a material particular; and (c) the entity is not a volunteering entity. Civil penalty: 350 penalty units. (2) For the purposes of subsection (1), the reference in paragraph 82(5)(a) of the Regulatory Powers Act to 5 times the pecuniary penalty specified for the civil penalty provision has effect as if it were a reference to 0.6% of the total income for the person for the income year in which the contravention occurred. Note: This subsection modifies the maximum pecuniary penalty that a body corporate can be ordered to pay for a contravention of subsection (1). Volunteering entities (3) A volunteering entity must not give the Regulator a payment times report that is false or misleading in a material particular. Reporting nominees (4) A reporting nominee is liable to a civil penalty if: (a) the reporting nominee gives the Regulator a payment times report; and (b) the report is false or misleading in a material particular. Civil penalty: 350 penalty units. (5) For the purposes of subsection (4), the reference in paragraph 82(5)(a) of the Regulatory Powers Act to 5 times the pecuniary penalty specified for the civil penalty provision has effect as if it were a reference to 0.6% of the total income for the person for the income year in which the contravention occurred. Note: This subsection modifies the maximum pecuniary penalty that a body corporate can be ordered to pay for a contravention of subsection (4). Division 3—Access to payment times reports 17 Payment Times Reports Register (1) The Regulator must maintain a register of payment times reports, to be known as the Payment Times Reports Register. (2) The register must be made available for public inspection, without charge, on the internet. 18 Contents of register (1) The register must contain the payment times reports given to the Regulator under Division 2 (reporting payment times). (2) The Regulator may arrange for payment times reports given to the Regulator to be published on the register automatically. Information that is not to be published on the register, or that is to be removed (3) The rules may prescribe information that, if included in a report, the Regulator must: (a) take reasonable steps to remove from the report before the report is published on the register; or (b) remove from a published report as soon as practicable after the Regulator becomes aware that the information is included in the report. Note: For example, rules made for the purposes of section 14 may require a report to include contact information for individuals. Rules made for the purposes of this subsection may require the Regulator to take reasonable steps to remove that information from the report before the report is published on the register, or remove that information from a report that has been published on the register (if the Regulator is aware of it). 19 Revised payment times reports (1) An entity that is a reporting entity or a reporting nominee may give the Regulator a revised version of a payment times report previously given by the entity. Note: See section 16 in relation to false or misleading reports. (2) The revised version of the payment times report must indicate the date of the revision and include a description of the changes made to the most recent version of the report given by the entity. (3) The Regulator may arrange for revised versions of payment times reports given to the Regulator under this section to be published on the register automatically. 20 Regulator may remove certain information (1) The Regulator may remove information contained in a payment times report from the register if the Regulator considers that continuing to make the information publicly available would be contrary to the public interest. (2) In making a decision under subsection (1), the Regulator may have regard to: (a) whether the information is personal information (within the meaning of the Privacy Act 1988); and (b) whether the information is commercial‑in‑confidence; and (c) any other matters prescribed by the rules; and (d) any other matters the Regulator considers relevant. (3) Information is commercial‑in‑confidence if the Regulator is satisfied that: (a) further release of the information would cause competitive detriment to a constitutionally covered entity; and (b) removing the information from the register is likely to be effective in removing the information from the public domain; and (c) the information is not required to be disclosed under another Australian law; and (d) removing the information from the register is likely to be effective in preventing the information from being readily discoverable. 21 Removal or non‑publication of payment times reports for volunteering entities that fail to comply with Act (1) This section applies if the Regulator is reasonably satisfied that a volunteering entity has failed to comply with this Act. (2) The Regulator may decide that any payment times reports that have been or will be given to the Regulator by the entity: (a) are not to be made available for public inspection on the register; or (b) are to be removed from the register; until the Regulator is satisfied that the entity has taken appropriate remedial action. 22 Publication of information about failure to comply with Act (1) If the Regulator is reasonably satisfied that a constitutionally covered entity has failed to comply with this Act, the Regulator may publish the identity of the entity and details of the non‑compliance: (a) on the register; and (b) in any other way the Regulator considers appropriate. Note: A decision to publish the identity of an entity or details of non‑compliance is reviewable: see section 51. (2) Before the Regulator decides to publish the identity of