Payment Times Reporting Act 2020

S 14 substituted by No 65 of 2024, s 3 and Sch 1 item 30, effective 7 September 2024. For application and transitional provisions, see note under s 3 . S 14 formerly read:

SECTION 14 REPORTING REQUIREMENTS  
Content requirements

14(1)
The report must:
(a) state the entity ' s name; and
(b) if the entity has an ABN - state the ABN; and
(c) include a description of the entity ' s main business activity in accordance with the Business Industry Codes; and
(d) state the reporting period to which the report relates; and
(e) include a statement on the standard payment periods for the entity at the start of the reporting period, including in relation to the shortest and longest standard payment periods for the entity; and
(f) include details and an explanation of any changes to the standard payment periods for the entity during the reporting period, including in relation to the shortest and longest payment periods for the entity; and
(g) state the proportion, determined by total number and total value, of small business invoices paid by the entity during the reporting period that were paid in accordance with each of the following subparagraphs:

(i) within 20 days after the day (the issue day ) the relevant small business invoice was issued;

(ii) between 21 and 30 days after the issue day;

(iii) between 31 and 60 days after the issue day;

(iv) between 61 and 90 days after the issue day;

(v) between 91 and 120 days after the issue day;

(vi) more than 120 days after the issue day; and

(h) state the proportion, determined by total value, of all invoices paid by the entity during the reporting period that were small business invoices; and
(i) include the details of the principal governing body of the entity; and
(j) if the entity is a member of a controlling corporation ' s group - identify the controlling corporation; and
(k) include a declaration by a responsible member of the entity that the report will be provided to the principal governing body of the entity; and
(l) state the name of the responsible member who signed the report under subsection (5) and the date it was signed; and
(m) state the name and contact details of the individual giving the report to the Regulator; and
(n) if a notifiable event has occurred since the last payment times report (if any) for the entity was given to the Regulator - include details of the notifiable event; and
(o) include any other information or documents prescribed by the rules.

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History

S 14(1) amended by No 8 of 2022, s 3 and Sch 8 item 28, by substituting para (h), effective 23 February 2022. For application provisions, see note under s 14(2). Para (h) formerly read:

(h) state the proportion, determined by total value, of all procurement by the entity during the reporting period that was procurement from small business suppliers; and

14(2)
The rules may prescribe the method for working out any of the matters mentioned in paragraph (1)(e), (f), (g) or (h), including in relation to the issue or payment of small business invoices.

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History

S 14(2) substituted by No 8 of 2022, s 3 and Sch 8 item 29, effective 23 February 2022. No 8 of 2022, s 3 and Sch 8 item 30 contain the following application provisions:

30 Application of amendments of section 14  
(1)
Paragraph 14(1)(h) of the Payment Times Reporting Act 2020 , as inserted by this Part, applies in relation to a payment times report given on or after the commencement of this Part, including a payment times report for a reporting period that began before that commencement.

(2)
Subsection 14(2) of the Payment Times Reporting Act 2020 , as inserted by this Part, applies in relation to a payment times report given on or after the commencement of this Part, including a payment times report for a reporting period that began before that commencement.

(3)
Rules that were:
(a) made for the purposes of subsection 14(2) of the Payment Times Reporting Act 2020 ; and
(b) in force immediately before the commencement of this Part;

have effect, on and after that commencement as if they had been made for the purposes of subsection 14(2) of the Payment Times Reporting Act 2020 as inserted by this Part.

S 14(2) formerly read:

14(2)
The rules may prescribe the method for working out any of the matters mentioned in paragraph (1)(g), including in relation to the issue or payment of small business invoices for the purposes of that paragraph.

14(3)
Without limiting paragraph (1)(o), information or documents prescribed by the rules for the purposes of that paragraph may relate to the entity ' s payment terms or practices, including supply chain financing, during the reporting period in relation to small business suppliers.

14(4)
Each of the following is a notifiable event :
(a) the entity ' s applicable accounting period changes under section 18 or 18A of the Income Tax Assessment Act 1936 ;
(b) the entity is notified that a business name, or a different business name, has become registered to the entity on the Business Names Register established and maintained under section 22 of the Business Names Registration Act 2011 ;
(c) any other event prescribed by the rules.

Approval requirements

14(5)
The report must be signed by:
(a) a responsible member of the entity; or
(b) if the entity is a member of a controlling corporation ' s group - a responsible member of the controlling corporation.

Note:

A payment times report may be signed electronically: see section 10 of the Electronic Transactions Act 1999 .

Form and manner for giving report

14(6)
The report must be given in a form and manner (if any) approved in an instrument under subsection (7).

14(7)
The Regulator may, by notifiable instrument, approve a form or manner for the purposes of subsection (6).