Corporate Collective Investment Vehicle Framework and Other Measures Act 2022 (8 of 2022)

Schedule 8   Minor and technical amendments Spring 2021

Part 1   Amendments commencing day after Royal Assent

Payment Times Reporting Act 2020

24   Subsection 7(1)

Repeal the subsection, substitute:

(1) A constitutionally covered entity becomes a reporting entity at the start of an income year for the entity if the entity is covered by subsection (2).

(1A) If a constitutionally covered entity gives the Regulator notice in writing that the entity elects to become a reporting entity, the entity becomes a reporting entity when the notice is given.

Note: A reporting entity that is a reporting entity only because of an election under subsection (1A) is a volunteering entity : see section 5.