Payment Times Reporting Act 2020

PART 1A - PROVISIONS ABOUT REPORTING ENTITIES AND REPORTING NOMINEES  

Division 4 - Ceasing to be a reporting entity  

SECTION 10K   REGULATOR MAY DETERMINE THAT ENTITY IS TO CEASE TO BE A REPORTING ENTITY  

10K(1)    
The Regulator may determine, in writing, that a reporting entity is to cease to be a reporting entity at the time specified under subsection (2) , if:

(a)    the entity is not:

(i) a volunteering entity; or

(ii) a subsidiary reporting entity; and

(b)    the Regulator is satisfied that:

(i) the entity has ceased to exist; or

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

(iii) the entity ' s consolidated revenue for each of the 2 most recent financial years was not more than $100 million; or

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

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

(vi) a circumstance prescribed by the rules applies.

Note:

A decision to determine that a reporting entity is to cease to be a reporting entity is reviewable: see section 51 .

10K(2)    
If the Regulator makes a determination under subsection (1) in relation to an entity, the entity ceases to be a reporting entity at the time specified in the determination, which must be either:

(a)    the start of the reporting period of the entity in which the determination is made; or

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

10K(3)    
The Regulator must give written notice of a determination under subsection (1) to the entity concerned.

10K(4)    
To avoid doubt, a determination under subsection (1) that relates to an entity does not prevent the entity becoming a reporting entity again.

Determination is not a legislative instrument

10K(5)    
A determination under subsection (1) is not a legislative instrument.