Payment Times Reporting Act 2020

PART 2 - REPORTING PAYMENT TIMES  

Division 4 - Slow small business payers  

SECTION 22D   SLOW SMALL BUSINESS PAYERS  

22D(1)    
An entity that is a reporting entity or a reporting nominee is a slow small business payer for a reporting cycle if the entity was within:

(a)    the slowest 20% of small business payers for that reporting cycle; or

(b)    the slowest 20% of small business payers in a Division of the Australian and New Zealand Standard Industrial Classification for that reporting cycle.

22D(2)    
For the purposes of subsection (1) , slowest 20% of small business payers and slowest 20% of small business payers in a Division of the Australian and New Zealand Standard Industrial Classification , for a reporting cycle, have the meanings prescribed by the rules.

22D(3)    
Without limiting subsection (2) , rules made for the purposes of that subsection may provide that whether an entity is within a class of entities mentioned in paragraph (1)(a) or (b) is to be worked out with regard to the payment terms, times and practices of:

(a)    the entity; and

(b)    if the rules require the entity ' s payment times reports to include information or documents about other entities that the entity controls - those other entities.

22D(4)    
Despite subsection (1) , an entity is not a slow small business payer for a reporting cycle if:

(a)    the entity has given the Regulator a payment times report for a reporting period that ended within that reporting cycle; and

(b)    the payment times report has a qualifying payment time of 30 days or less.

22D(5)    
For the purposes of paragraph (4)(b) , qualifying payment time of 30 days or less has the meaning given by the rules.