Commonwealth Consolidated Acts

PAYMENT TIMES REPORTING ACT 2020 - SECT 22K

List of fast small business payers

  (1)   The Regulator must maintain and publish on the register a list of entities that are fast small business payers, to be known as the list of fast small business payers.

  (2)   The Regulator must update the list as soon as practicable after an entity becomes, or ceases to be, a fast small business payer.

Regulator can exclude entities

  (3)   Despite subsections   (1) and (2), the Regulator may decide to exclude an entity from the list for a period if the Regulator reasonably believes (or is considering whether):

  (a)   the entity has engaged in procurement practices that limit, reduce or restrict small business participation; or

  (b)   the entity has engaged in payment practices that are contrary to the objects of this Act; or

  (c)   the entity has given the Regulator a payment times report for a reporting period that has a misleading qualifying payment time of 20 days or less.

  (4)   If the Regulator makes a decision under subsection   (3) to exclude an entity from the list, the Regulator must give the entity written notice of the decision.

  (5)   The notice must:

  (a)   set out the reasons for the Regulator's decision; and

  (b)   specify the period in which the entity is excluded from the list.