Payment Times Reporting Act 2020
View history note
Hide history noteReporting nominee must keep records
29A(1)
A reporting nominee must keep records of any information used in the preparation of a payment times report for a reporting period for at least 7 years after the end of the reporting period.
Civil penalty
29A(2)
A reporting nominee is liable to a civil penalty if: (a) the reporting nominee is required to keep records under subsection (1) ; and (b) the reporting nominee fails to comply with the requirement.
Civil penalty: 200 penalty units.
29A(3)
For the purposes of subsection (2) , the reference in paragraph 82(5)(a) of the Regulatory Powers Act to 5 times the pecuniary penalty specified for the civil penalty provision has effect as if it were a reference to 0.2% of the total income for the person for the income year in which the contravention occurred.
Note:
This subsection modifies the maximum pecuniary penalty that a body corporate can be ordered to pay for a contravention of subsection (2) .
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