Payment Times Reporting Act 2020

PART 2 - REPORTING PAYMENT TIMES  

Division 5 - Fast small business payers  

SECTION 22L  

22L   FALSE REPRESENTATIONS IN RELATION TO FAST SMALL BUSINESS PAYERS  
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.