Payment Times Reporting Act 2020

PART 2 - REPORTING PAYMENT TIMES  

Division 5 - Fast small business payers  

SECTION 22J   FAST SMALL BUSINESS PAYERS  

22J(1)    
An entity is a fast small business payer , at a particular time, if:

(a)    at that particular time, the entity is a reporting entity or reporting nominee; and

(b)    at that particular time, the entity has given the Regulator payment times reports for 2 consecutive reporting periods and both of the payment times reports for the 2 consecutive reporting periods have a qualifying payment time of 20 days or less; and

(c)    at that particular time, the period of 9 months, starting on the day after the end of the later of the 2 consecutive reporting periods, has not ended; and

(d)    in the case that, at that particular time, the entity has given the Regulator a payment times report for the next reporting period starting immediately after the end of the later of the 2 consecutive reporting periods - that payment times report also has a qualifying payment time of 20 days or less.

22J(2)    
For the purposes of this Division, qualifying payment time of 20 days or less has the meaning given by the rules.