Payment Times Reporting Act 2020

PART 1A - PROVISIONS ABOUT REPORTING ENTITIES AND REPORTING NOMINEES  

Division 2 - Volunteering entities  

SECTION 10D   REVOCATION OF VOLUNTEERING ENTITY DETERMINATION  
Automatic revocation

10D(1)    
A determination under subsection 10B(1) that relates to an entity is taken to be revoked if the entity becomes a reporting entity under subsection 7(1) .

10D(2)    
A determination under subsection 10B(1) that relates to an entity is taken to be revoked if the entity begins to be controlled by another entity that is a reporting entity.

Revocation by Regulator

10D(3)    
The Regulator may revoke a determination under subsection 10B(1) , by written notice given to the entity to which the determination relates, if the Regulator reasonably suspects that the entity has failed to comply with this Act.

Note:

A decision to revoke a determination under subsection 10B(1) that an entity is a reporting entity is reviewable: see section 51 .

10D(4)    
The revocation takes effect on the day specified in the notice, which may be before the Regulator revokes the determination.

Revocation on notice by reporting entity

10D(5)    
If:

(a)    the Regulator has made a determination under subsection 10B(1) in respect of a reporting entity; and

(b)    the determination has not been revoked;

the entity may, by written notice to the Regulator, inform the Regulator that the entity wishes to cease to be a volunteering entity.

10D(6)    
A notice under subsection (5) must specify the time when the determination under subsection 10B(1) is to be revoked, which must be either:

(a)    the start of the reporting period of the entity in which the entity gives the notice to the Regulator; or

(b)    the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a) of this subsection.

10D(7)    
If a reporting entity gives the Regulator a notice under subsection (5) , the determination mentioned in paragraph (5)(a) is taken to be revoked at the time specified in the notice for the purposes of paragraph (6)(a) or (b) .