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.
Copyright notice
© Australian Taxation Office for the Commonwealth of Australia
You are free to copy, adapt, modify, transmit and distribute material on this website as you wish (but not in any way that suggests the ATO or the Commonwealth endorses you or any of your services or products).