Payment Times Reporting Act 2020

PART 1A - PROVISIONS ABOUT REPORTING ENTITIES AND REPORTING NOMINEES  

Division 4 - Ceasing to be a reporting entity  

SECTION 10H   NOTICE THAT ENTITY HAS CEASED TO BE A REPORTING ENTITY  

10H(1)    
A reporting entity ceases to be a reporting entity if:

(a)    the entity is not:

(i) a volunteering entity; or

(ii) a subsidiary reporting entity; and

(b)    any of the following circumstances exist:

(i) paragraph 7(2)(a) does not apply to the entity;

(ii) the entity ' s consolidated revenue for each of the 2 previous financial years was not more than $100 million;

(iii) the entity is controlled by another entity that is a reporting entity;

(iv) the entity is registered under the Australian Charities and Not-for-profits Commission Act 2012 ; and

(c)    the reporting entity gives the Regulator a notice under subsection (2) ; and

(d)    the notice takes effect under subsection (5) .

Giving of notice

10H(2)    
A reporting entity may give the Regulator a notice for the purposes of paragraph (1)(c) .

10H(3)    
The notice:

(a)    must be given in the form and manner (if any) approved in an instrument under subsection (4) ; and

(b)    must state the name of the reporting entity; and

(c)    must state which circumstance or circumstances mentioned in paragraph (1)(b) exist; and

(d)    must be approved in writing by a responsible member of the entity; and

(e)    must state the name of the responsible member of the entity who approved the notice.

10H(4)    
The Regulator may, by notifiable instrument, approve a form or manner for the purposes of paragraph (3)(a) .

When notice takes effect

10H(5)    
The notice takes effect at the start of the reporting period in which the notice is given, but only if one or more subparagraphs of paragraph (1)(b) apply to the entity at the start of that reporting period.

Note:

If no subparagraphs of paragraph (1)(b) apply to the entity at the start of the reporting period, the entity does not cease to be a reporting entity and must continue to give payment times reports.

Withdrawing a notice

10H(6)    
An entity that has given a notice under subsection (2) may, by written notice given to the Regulator, withdraw the notice (even if the entity has ceased to be a reporting entity).

10H(7)    
If an entity withdraws, under subsection (6) , a notice given under subsection (2) :

(a)    the notice under subsection (2) is taken never to have had effect; and

(b)    the entity is taken not to have ceased to be a reporting entity because of the notice.