Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An entity is a fast small business payer , at a particular time, if:
(a) at that particular time, the entity is a reporting entity or reporting nominee; and
(b) at that particular time, the entity has given the Regulator payment times reports for 2 consecutive reporting periods and both of the payment times reports for the 2 consecutive reporting periods have a qualifying payment time of 20 days or less; and
(c) at that particular time, the period of 9 months, starting on the day after the end of the later of the 2 consecutive reporting periods, has not ended; and
(d) in the case that, at that particular time, the entity has given the Regulator a payment times report for the next reporting period starting immediately after the end of the later of the 2 consecutive reporting periods--that payment times report also has a qualifying payment time of 20 days or less.
(2) For the purposes of this Division, qualifying payment time of 20 days or less has the meaning given by the rules.