Payment Times Reporting Act 2020
PART 1
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PRELIMINARY
SECTION 7
MEANING OF REPORTING ENTITY
7(1)
A constitutionally covered entity becomes a reporting entity at the start of a financial year for the entity if the entity is covered by subsection (2) .
7(2)
An entity is covered by this subsection if: (a) the entity:
7(3)
If the Regulator determines under subsection 10B(1) that a constitutionally covered entity is a reporting entity, the entity becomes a reporting entity at the time the determination takes effect (unless the reporting entity is already a reporting entity at that time).
7(4)
If the Regulator determines under subsection 10E(1) that a constitutionally covered entity is a subsidiary reporting entity, the entity becomes a reporting entity at the time the determination takes effect (unless the subsidiary reporting entity is already a reporting entity at that time).
Ceasing to be a reporting entity
7(5)
A reporting entity continues to be a reporting entity until: (a) if the entity is a volunteering entity - the determination under subsection 10B(1) that relates to the entity is revoked, or taken to be revoked, under subsection 10D(2) , (3) or (7) ; or (b) if the entity is a subsidiary reporting entity - the determination under subsection 10E(1) that relates to the entity is revoked under section 10G ; or (c) a notice under subsection 10H(2) (notice that entity has ceased to be a reporting entity) takes effect; or (d) the entity ceases to be a reporting entity under subsection 10K(2) (Regulator may determine that entity is to cease to be a reporting entity).
A constitutionally covered entity becomes a reporting entity at the start of a financial year for the entity if the entity is covered by subsection (2) .
7(2)
An entity is covered by this subsection if: (a) the entity:
(i) carries on business in Australia; or
(ii) is a company that is incorporated in Australia; or
(iii) is a company that is not incorporated in Australia, but has either its central management and control in Australia, or its voting power controlled by shareholders who are residents of Australia; or
(b) the entity ' s consolidated revenue for the previous financial year is more than $100 million; and (c) the entity is not controlled by another entity that is a reporting entity; and (d) the entity is not registered under the Australian Charities and Not-for-profits Commission Act 2012 .
(iv) is a corporate Commonwealth entity, or a Commonwealth company, within the meaning of the Public Governance, Performance and Accountability Act 2013 ; and
7(3)
If the Regulator determines under subsection 10B(1) that a constitutionally covered entity is a reporting entity, the entity becomes a reporting entity at the time the determination takes effect (unless the reporting entity is already a reporting entity at that time).
Note:
An entity that a determination under subsection 10B(1) applies to is a volunteering entity (see the definition of volunteering entity in section 5 ).
7(4)
If the Regulator determines under subsection 10E(1) that a constitutionally covered entity is a subsidiary reporting entity, the entity becomes a reporting entity at the time the determination takes effect (unless the subsidiary reporting entity is already a reporting entity at that time).
Ceasing to be a reporting entity
7(5)
A reporting entity continues to be a reporting entity until: (a) if the entity is a volunteering entity - the determination under subsection 10B(1) that relates to the entity is revoked, or taken to be revoked, under subsection 10D(2) , (3) or (7) ; or (b) if the entity is a subsidiary reporting entity - the determination under subsection 10E(1) that relates to the entity is revoked under section 10G ; or (c) a notice under subsection 10H(2) (notice that entity has ceased to be a reporting entity) takes effect; or (d) the entity ceases to be a reporting entity under subsection 10K(2) (Regulator may determine that entity is to cease to be a reporting entity).
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