Payment Times Reporting Act 2020

PART 4 - COMPLIANCE AND ENFORCEMENT  

Division 2 - Obligations of reporting entities and reporting nominees  

SECTION 29   RECORD-KEEPING REQUIREMENTS - REPORTING ENTITIES  
Reporting entity must keep records

29(1)    
A reporting entity must keep records of any information used in the preparation of a payment times report for a reporting period for the entity for at least 7 years after the end of the reporting period.

Civil penalty

29(2)    
A reporting entity is liable to a civil penalty if:

(a)    the entity is required to keep records under subsection (1) ; and

(b)    the entity fails to comply with the requirement; and

(c)    the entity is not a volunteering entity.

Civil penalty: 200 penalty units.

29(3)    
For the purposes of subsection (2) , 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 0.2% 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 (2) .