Commonwealth Consolidated Acts

PAYMENT TIMES REPORTING ACT 2020 - SECT 55

Obligation to report

  (1)   The requirement for a reporting entity to give the Regulator a payment times report for a reporting period for the entity under section   12 continues to apply to the entity if:

  (a)   the entity has not given the Regulator a payment times report for the reporting period under that section; and

  (b)   the entity ceases to be a reporting entity at any time after the end of the reporting period.

  (1A)   Subsection   (1) does not apply if the entity was a volunteering entity during the reporting period.

Other rights and obligations

  (2)   The following provisions continue to apply to an entity that has ceased to be a reporting entity, as if it were still a reporting entity:

  (a)   section   15 (civil penalty provision for failure to report);

  (b)   section   16 (false or misleading reports);

  (c)   Division   3 of Part   2 (access to payment times reports);

  (d)   Division   2 of Part   4 (obligations of reporting entities and reporting nominees);

  (e)   Division   2 of this Part (treatment of certain kinds of entities).