Payment Times Reporting Act 2020

PART 2 - REPORTING PAYMENT TIMES  

Division 4 - Slow small business payers  

SECTION 22F   DURATION OF SLOW SMALL BUSINESS PAYER DIRECTION  

22F(1)    
A slow small business payer direction given to an entity continues in effect until the earliest of the following:

(a)    the day the entity gives the Regulator a payment times report with a qualifying payment time of 30 days or less;

(b)    if the direction specifies a day that it ceases to be in effect - that day;

(c)    the day 1 year after the day the direction is given;

(d)    if the Minister revokes the direction under subsection (2) - the time the Minister gives the entity the notice of revocation.

22F(2)    
The Minister may, by written notice given to the entity to which a slow small business payer direction was given, revoke the direction.

22F(3)    
For the purposes of paragraph (1)(a) , qualifying payment time of 30 days or less has the meaning given by the rules.