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(b) the determination has not been revoked;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)
.
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