Contents

Part 1--Preliminary                                                                                                             1

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 2

3............ Objects of this Act.............................................................................. 2

4............ Simplified outline of this Act.............................................................. 3

5............ Definitions.......................................................................................... 3

6............ Meaning of constitutionally covered entity.......................................... 8

7............ Meaning of reporting entity................................................................ 8

8............ Meaning of reporting period............................................................ 10

9............ Act binds the Crown......................................................................... 10

10.......... Extension to external Territories........................................................ 11

Part 2--Reporting payment times                                                                             12

Division 1--Introduction                                                                                          12

11.......... Simplified outline of this Part............................................................ 12

Division 2--Reporting payment times                                                               13

12.......... Reporting entities must report payment times.................................... 13

13.......... When report must be given............................................................... 13

14.......... Reporting requirements..................................................................... 14

15.......... Civil penalty provision for failure to report....................................... 16

16.......... Reporting entities must not give false or misleading reports............. 16

Division 3--Access to payment times reports                                               18

17.......... Payment Times Reports Register...................................................... 18

18.......... Registration of payment times reports............................................... 18

19.......... Registration of revised payment times reports................................... 18

20.......... Decision not to publish certain information....................................... 18

21.......... Decision not to publish payment times reports for volunteering entities that fail to comply with Act       19

22.......... Publication of information about failure to comply with Act............. 19

Part 3--Payment Times Reporting Regulator                                                   21

Division 1--Introduction                                                                                          21

23.......... Simplified outline of this Part............................................................ 21

Division 2--Payment Times Reporting Regulator                                      22

24.......... Payment Times Reporting Regulator................................................. 22

25.......... Functions of the Regulator................................................................ 22

26.......... Powers of the Regulator.................................................................... 22

27.......... Delegation by the Regulator.............................................................. 23

Part 4--Compliance and enforcement                                                                    24

Division 1--Introduction                                                                                          24

28.......... Simplified outline of this Part............................................................ 24

Division 2--Obligations of reporting entities                                                25

29.......... Record-keeping requirements............................................................ 25

30.......... Compliance audits............................................................................. 25

Division 3--Regulatory powers                                                                            28

31.......... Monitoring powers........................................................................... 28

32.......... Investigation powers......................................................................... 29

33.......... Civil penalty provisions.................................................................... 30

34.......... Infringement notices.......................................................................... 32

35.......... Appointment of authorised officers................................................... 33

36.......... Appointment of infringement officers............................................... 33

Division 4--Delayed compliance and enforcement powers                    35

37.......... Delayed compliance and enforcement powers................................... 35

Part 5--Protected information                                                                                    36

Division 1--Introduction                                                                                          36

38.......... Simplified outline of this Part............................................................ 36

Division 2--Authorised use or disclosure                                                        37

39.......... Performing functions or exercising powers under this Act............... 37

40.......... Policy development........................................................................... 37

41.......... Proceedings etc................................................................................. 37

42.......... Enforcement related activity.............................................................. 37

43.......... Information required by another Australian law................................ 37

44.......... Person to whom information relates--disclosure and consent.......... 38

45.......... Person who provided information..................................................... 38

Division 3--Unauthorised use or disclosure                                                   39

46.......... Unauthorised use or disclosure......................................................... 39

Part 6--Miscellaneous                                                                                                       40

Division 1--Introduction                                                                                          40

47.......... Simplified outline of this Part............................................................ 40

Division 2--Treatment of certain kinds of entities                                     41

48.......... Treatment of partnerships.................................................................. 41

49.......... Treatment of unincorporated associations or bodies of persons........ 41

50.......... Treatment of trusts and superannuation funds and approved deposit funds that are trusts       42

Division 3--Reviewable decisions                                                                        44

51.......... Reconsideration and review of decisions.......................................... 44

52.......... Application for reconsideration of reviewable decision..................... 44

53.......... Reconsideration of reviewable decision............................................ 45

54.......... Review by the Administrative Appeals Tribunal............................... 46

Division 4--Other matters                                                                                       47

54A....... Application--certain entities taken to have become reporting entities before commencement day            47

54B....... Application--further time after commencement day for voluntary election to become reporting entity    47

55.......... Former reporting entities................................................................... 48

56.......... Annual report.................................................................................... 48

57.......... Protection against civil liability.......................................................... 49

57A....... Review of operation of this Act........................................................ 49

57B....... Requirements for review................................................................... 49

58.......... Rules................................................................................................. 51

 

 

 

Payment Times Reporting Act 2020

No. 91, 2020

 

An Act to provide for certain entities to report payment terms and practices, and for related purposes

[Assented to 14 October 2020]

The Parliament of Australia enacts:

  

[Minister's second reading speech made in--

House of Representatives on 13 May 2020

Senate on 12 June 2020]