Payment Times Reporting Act 2020

PART 1A - PROVISIONS ABOUT REPORTING ENTITIES AND REPORTING NOMINEES  

Division 6 - Exempt entities  

SECTION 10P   EXEMPT ENTITY DETERMINATION  

10P(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 .

10P(2)    
The Regulator may impose conditions on a determination under subsection (1) .

When exemption has effect

10P(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.

10P(4)    
The determination takes effect, and ceases to have effect, as specified under paragraphs (3)(b) and (c) .

Determination is not a legislative instrument

10P(5)    
A determination under subsection (1) is not a legislative instrument.