Payment Times Reporting Act 2020

PART 2 - REPORTING PAYMENT TIMES  

Division 2 - Reporting payment times  

SECTION 16   REPORTING ENTITIES AND REPORTING NOMINEES MUST NOT GIVE FALSE OR MISLEADING REPORTS  
Reporting entities that are not volunteering entities

16(1)    
A reporting entity is liable to a civil penalty if:

(a)    the entity gives the Regulator a payment times report; and

(b)    the report is false or misleading in a material particular; and

(c)    the entity is not a volunteering entity.

Civil penalty: 350 penalty units.

16(2)    
For the purposes of subsection (1) , the reference in paragraph 82(5)(a) of the Regulatory Powers Act to 5 times the pecuniary penalty specified for the civil penalty provision has effect as if it were a reference to 0.6% of the total income for the person for the income year in which the contravention occurred.

Note:

This subsection modifies the maximum pecuniary penalty that a body corporate can be ordered to pay for a contravention of subsection (1) .

Volunteering entities

16(3)    
A volunteering entity must not give the Regulator a payment times report that is false or misleading in a material particular.

Reporting nominees

16(4)    
A reporting nominee is liable to a civil penalty if:

(a)    the reporting nominee gives the Regulator a payment times report; and

(b)    the report is false or misleading in a material particular.

Civil penalty: 350 penalty units.

16(5)    
For the purposes of subsection (4) , the reference in paragraph 82(5)(a) of the Regulatory Powers Act to 5 times the pecuniary penalty specified for the civil penalty provision has effect as if it were a reference to 0.6% of the total income for the person for the income year in which the contravention occurred.

Note:

This subsection modifies the maximum pecuniary penalty that a body corporate can be ordered to pay for a contravention of subsection (4) .