Payment Times Reporting Act 2020

PART 1A - PROVISIONS ABOUT REPORTING ENTITIES AND REPORTING NOMINEES  

Division 4 - Ceasing to be a reporting entity  

SECTION 10J   REPORTING ENTITIES MUST NOT GIVE FALSE OR MISLEADING NOTICES  

10J(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.

10J(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) .