Commonwealth Consolidated Acts

PAYMENT TIMES REPORTING ACT 2020 - SECT 29

Reporting entity must keep records

  (1)   A reporting entity must keep records of any information used in the preparation of a payment times report for a reporting period for the entity for at least 7 years after the end of the reporting period.

Civil penalty

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

  (a)   the entity is required to keep records under subsection   (1); and

  (b)   the entity fails to comply with the requirement; and

  (c)   the entity is not a volunteering entity.

Civil penalty:   200 penalty units.

  (3)   For the purposes of subsection   (2), 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 0.2% 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   (2).