Commonwealth Consolidated Acts

PAYMENT TIMES REPORTING ACT 2020 - SECT 8

  (1)   Subject to subsections   (2) and (4), each of the following is a reporting period for a reporting entity:

  (a)   the first 6 months of each financial year for the entity in which the entity is a reporting entity;

  (b)   the remainder of each such financial year.

Volunteering entities

  (2)   If a volunteering entity becomes a reporting entity on a day in a financial year for the entity that is not the first day of that financial year, any part of that financial year before the day the entity becomes a reporting entity is not a reporting period, or part of a reporting period, for the entity.

Reporting nominees

  (3)   A reporting period for a reporting nominee is any period, in a financial year, to which both of the following apply:

  (a)   a determination under subsection   10L(1) is in effect for the entity for the whole of the period;

  (b)   the period would be a reporting period for the reporting nominee if the reporting nominee were a reporting entity for the whole of the financial year (subject to subsection   (4)).

Reporting periods where an entity's financial year changes

  (4)   If:

  (a)   a reporting entity's financial year changes; and

  (b)   as a result of the change, the entity has a financial year that is longer or shorter than 12 months;

then, subject to subsection   (2), the entity has the following reporting periods in that financial year:

  (c)   if there is a period of 6 months that begins at the start of the financial year and falls entirely within the financial year--that period;

  (d)   subject to subsection   (5)--each subsequent period (if any) of 6 months that falls entirely within the financial year;

  (e)   any period of less than 6 months that remains in the financial year after applying paragraphs   (c) and (d).

  (5)   If:

  (a)   section   323D of the Corporations Act 2001 applies to a reporting entity; and

  (b)   a financial year of the entity is made longer under subsection   (2) of that section;

then the period of 6 months mentioned in paragraph   (4)(d) of this section, as it applies to that financial year, is taken to include the days by which the financial year was made longer.

Note:   Subsection   323D(2) of the Corporations Act 2001 provides for the financial years of certain kinds of entities to be made longer (or shorter) by a period of not more than 7 days.