Payment Times Reporting Act 2020

PART 1A - PROVISIONS ABOUT REPORTING ENTITIES AND REPORTING NOMINEES  

Division 5 - Reporting nominees  

SECTION 10N   REVOCATION OF REPORTING NOMINEE DETERMINATION  

10N(1)    
The Regulator may revoke a determination under subsection 10L(1) by written notice given to:

(a)    the reporting nominee; and

(b)    each reporting entity to which the determination relates.

Note:

A decision to revoke a determination that an entity is a reporting nominee is reviewable: see section 51 .

10N(2)    
A revocation under subsection (1) takes effect on the day specified in the notice, which must be either:

(a)    the start of the reporting period of the reporting nominee in which the Regulator gives the notice; or

(b)    the start of the reporting period of the reporting nominee that follows the reporting period mentioned in paragraph (a) of this subsection.

Revocation on notice by reporting nominee or reporting entity

10N(3)    
If:

(a)    the Regulator has made a determination under subsection 10L(1) that an entity is a reporting nominee for one or more other entities; and

(b)    the determination has not been revoked;

the reporting nominee, or any of the other entities that is a reporting entity, may, by written notice to the Regulator, inform the Regulator that the determination is to be revoked.

10N(4)    
A notice under subsection (3) must specify the time when the determination under subsection 10L(1) is to be revoked, which must be either:

(a)    the start of the reporting period of the reporting nominee in which the notice is given to the Regulator; or

(b)    the start of the reporting period of the reporting nominee that follows the reporting period mentioned in paragraph (a) of this subsection.

10N(5)    
If the Regulator is given a notice under subsection (3) , the determination mentioned in paragraph (3)(a) is taken to be revoked at the time specified in the notice for the purposes of paragraph (4)(a) or (b) .