S 3 substituted by No 65 of 2024, s 3 and Sch 1 item 2, effective 7 September 2024. No 65 of 2024, s 3 and Sch 1 items 85 - 90 contain the following application and transitional provisions:

85 Definitions  
85
In this Part:

commencement time
means the commencement of the Payment Times Reporting Amendment Act 2024 .

new Act
means the Payment Times Reporting Act 2020 as in force immediately after the commencement time.

old Act
means the Payment Times Reporting Act 2020 as in force immediately before the commencement time.

transition day
means 1 July 2024.

86 Transitional - reporting entities  
(1)
An entity that was a reporting entity (other than a volunteering entity) immediately before the transition day is taken, for the purposes of the new Act (but not the old Act, including the old Act as it may continue to apply under this Part), to have ceased to be a reporting entity at the start of the transition day.

(2)
A constitutionally covered entity that:
(a) is covered by subsection 7(2) of the new Act at the start of the first provisional reporting period of the entity that begins on or after the transition day; or
(b) would be covered by that subsection if the new Act had commenced at or before the start of that provisional reporting period;

becomes, or is taken for the purposes of the new Act to have become, a reporting entity for the purposes of the new Act at the start of that provisional reporting period (even if the new Act has not commenced at that time).

87 Transitional - volunteering entities  
(1)
This section applies to a constitutionally covered entity if an election for the entity to be a reporting entity under subsection 7(1A) of the old Act was in effect immediately before the transition day.

(2)
Subject to subitem (3), the entity is not a volunteering entity for the purposes of the new Act.

(3)
If, at the start of the transition day, the entity would not be covered by subsection 7(2) of the new Act (if the new Act had commenced at that time), then, at and after the start of the first provisional reporting period of the entity that begins on or after the transition day, the Regulator is taken to have determined under subsection 10B(1) of the new Act that the entity is a reporting entity.

(4)
To avoid doubt, the Regulator may deal with a determination that the Regulator is taken to have made under subitem (3) as if the Regulator had made the determination under subsection 10B(1) of the new Act.
88 Transitional - payment times reports  
88
Despite the amendments made by Part 1 of this Schedule, the old Act continues to apply, on and after the transition day (including at and after the commencement time), in relation to the following:
(a) a payment times report for a reporting period that began before the transition day;
(b) a requirement to give such a payment times report. 89 Transitional - extension of first reporting period  
(1)
This item applies to a payment times report for a reporting period that begins:
(a) on or after the transition day; and
(b) before the end of 3 months after the transition day.

(2)
Section 13 of the new Act is taken to require the report to be given within 12 months after the transition day (subject to any extension of time allowed by the Regulator under section 13A or 13B of the new Act).
90 Transitional rules  
(1)
The Minister may, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) relating to the amendments or repeals made by this Schedule.

(2)
To avoid doubt, the rules may not do the following:
(a) create an offence or civil penalty;
(b) provide powers of:

(i) arrest or detention; or

(ii) entry, search or seizure;

(c) impose a tax;
(d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in this Act;
(e) directly amend the text of this Act.

S 3 formerly read:

SECTION 3 OBJECTS OF THIS ACT  
3
The objects of this Act are:
(a) to provide for large businesses, certain government entities and volunteering entities to report information on their payment terms and practices in relation to their small business suppliers; and
(b) to make that information publicly available in order to:

(i) enable small businesses to make more informed decisions about potential customers; and

(ii) create incentives for reporting entities to improve their payment terms and practices.