Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An entity that is a reporting entity or a reporting nominee is a slow small business payer for a reporting cycle if the entity was within:
(a) the slowest 20% of small business payers for that reporting cycle; or
(b) the slowest 20% of small business payers in a Division of the Australian and New Zealand Standard Industrial Classification for that reporting cycle.
(2) For the purposes of subsection (1), slowest 20% of small business payers and slowest 20% of small business payers in a Division of the Australian and New Zealand Standard Industrial Classification , for a reporting cycle, have the meanings prescribed by the rules.
(3) Without limiting subsection (2), rules made for the purposes of that subsection may provide that whether an entity is within a class of entities mentioned in paragraph (1)(a) or (b) is to be worked out with regard to the payment terms, times and practices of:
(a) the entity; and
(b) if the rules require the entity's payment times reports to include information or documents about other entities that the entity controls--those other entities.
(4) Despite subsection (1), an entity is not a slow small business payer for a reporting cycle if:
(a) the entity has given the Regulator a payment times report for a reporting period that ended within that reporting cycle; and
(b) the payment times report has a qualifying payment time of 30 days or less.
(5) For the purposes of paragraph (4)(b), qualifying payment time of 30 days or less has the meaning given by the rules.