Commonwealth Numbered Acts

PAYMENT TIMES REPORTING ACT 2020 (NO. 91, 2020) - SECT 54A

             (1)  This section applies if:

                     (a)  an income year (the relevant income year ) for a constitutionally covered entity started 6 months or less before the commencement day; and

                     (b)  the entity would have been covered by subsection 7(2) at the start of the relevant income year had this Act been in force at that time.

             (2)  The entity is taken to have become a reporting entity at the start of the relevant income year.

Note:          The entity continues to be a reporting entity until it ceases to be a reporting entity under subsection 7(3) or (4).

             (3)  Despite paragraph 8(a), the first 6 months of the relevant income year is not a reporting period for the entity.