Payment Times Reporting Act 2020

PART 1 - PRELIMINARY  

SECTION 8   MEANING OF REPORTING PERIOD  

8(1)    
Subject to subsections (2) and (4) , each of the following is a reporting period for a reporting entity:

(a)    the first 6 months of each financial year for the entity in which the entity is a reporting entity;

(b)    the remainder of each such financial year.

Volunteering entities

8(2)    

If a volunteering entity becomes a reporting entity on a day in a financial year for the entity that is not the first day of that financial year, any part of that financial year before the day the entity becomes a reporting entity is not a reporting period, or part of a reporting period, for the entity.

Reporting nominees

8(3)    

A reporting period for a reporting nominee is any period, in a financial year, to which both of the following apply:

(a)    a determination under subsection 10L(1) is in effect for the entity for the whole of the period;

(b)    the period would be a reporting period for the reporting nominee if the reporting nominee were a reporting entity for the whole of the financial year (subject to subsection (4) ).

Reporting periods where an entity ' s financial year changes

8(4)    
If:

(a)    a reporting entity ' s financial year changes; and

(b)    as a result of the change, the entity has a financial year that is longer or shorter than 12 months;

then, subject to subsection (2) , the entity has the following reporting periods in that financial year:

(c)    if there is a period of 6 months that begins at the start of the financial year and falls entirely within the financial year - that period;

(d)    subject to subsection (5) - each subsequent period (if any) of 6 months that falls entirely within the financial year;

(e)    any period of less than 6 months that remains in the financial year after applying paragraphs (c) and (d) .

8(5)    
If:

(a)    section 323D of the Corporations Act 2001 applies to a reporting entity; and

(b)    a financial year of the entity is made longer under subsection (2) of that section;

then the period of 6 months mentioned in paragraph (4)(d) of this section, as it applies to that financial year, is taken to include the days by which the financial year was made longer.

Note:

Subsection 323D(2) of the Corporations Act 2001 provides for the financial years of certain kinds of entities to be made longer (or shorter) by a period of not more than 7 days.