Commonwealth Consolidated Acts

PAYMENT TIMES REPORTING ACT 2020 - SECT 16

Reporting entities that are not volunteering entities

  (1)   A reporting entity is liable to a civil penalty if:

  (a)   the entity gives the Regulator a payment times report; and

  (b)   the report is false or misleading in a material particular; and

  (c)   the entity is not a volunteering entity.

Civil penalty:   350 penalty units.

  (2)   For the purposes of subsection   (1), the reference in paragraph   82(5)(a) of the Regulatory Powers Act to 5 times the pecuniary penalty specified for the civil penalty provision has effect as if it were a reference to 0.6% of the total income for the person for the income year in which the contravention occurred.

Note:   This subsection modifies the maximum pecuniary penalty that a body corporate can be ordered to pay for a contravention of subsection   (1).

Volunteering entities

  (3)   A volunteering entity must not give the Regulator a payment times report that is false or misleading in a material particular.

Reporting nominees

  (4)   A reporting nominee is liable to a civil penalty if:

  (a)   the reporting nominee gives the Regulator a payment times report; and

  (b)   the report is false or misleading in a material particular.

Civil penalty:   350 penalty units.

  (5)   For the purposes of subsection   (4), the reference in paragraph   82(5)(a) of the Regulatory Powers Act to 5 times the pecuniary penalty specified for the civil penalty provision has effect as if it were a reference to 0.6% of the total income for the person for the income year in which the contravention occurred.

Note:   This subsection modifies the maximum pecuniary penalty that a body corporate can be ordered to pay for a contravention of subsection   (4).