Payment Times Reporting Act 2020

S 54B repealed by No 65 of 2024, s 3 and Sch 1 item 76, effective 7 September 2024. For application and transitional provisions, see note under s 3 . S 54B formerly read:

SECTION 54B APPLICATION - FURTHER TIME AFTER COMMENCEMENT DAY FOR VOLUNTARY ELECTION TO BECOME REPORTING ENTITY  
54B(1)
This section applies if:
(a) an income year (the relevant income year ) for a constitutionally covered entity started:

(i) 6 months or less before the commencement day; or

(ii) within the period of 2 months starting on the commencement day; and

(b) the entity gives the Regulator notice in writing that the entity elects to become a reporting entity; and
(c) the notice is given after the start of the relevant income year but within the period of 2 months starting on the commencement day.

54B(2)
The election is taken to have been made under paragraph 7(1)(b), and the entity is taken to have become a reporting entity at the start of the relevant income year.

Note 1:

An entity that is only a reporting entity because of an election under paragraph 7(1)(b) is a volunteering entity: see section 5.

Note 2:

The entity continues to be a reporting entity until it ceases to be a reporting entity under subsection 7(3) or (4).

54B(3)
If the relevant income year started before the commencement day, then, despite paragraph 8(a), the first 6 months of the relevant income year is not a reporting period for the entity.