Commonwealth Consolidated Acts

PAYMENT TIMES REPORTING ACT 2020 - SECT 22L

    An entity that is a reporting entity or a reporting nominee is liable to a civil penalty if:

  (a)   the entity does an act or omits to do an act; and

  (b)   the act or omission results in, or is reasonably capable of resulting in, a representation that the entity:

  (i)   is a fast small business payer; or

  (ii)   has a qualifying payment time of 20 days or less; and

  (c)   at the time the act or omission results in, or is reasonably capable of resulting in, the representation, the entity is not included in the list of fast small business payers.

Civil penalty:   200 penalty units.