Commonwealth Numbered Acts

PAYMENT TIMES REPORTING ACT 2020 (NO. 91, 2020) - SECT 7

Becoming a reporting entity

             (1)  A constitutionally covered entity becomes a reporting entity at the start of an income year (the relevant income year ) for the entity, if:

                     (a)  the entity is covered by subsection (2); or

                     (b)  before the start of the relevant income year, the entity gives the Regulator notice in writing that the entity elects to become a reporting entity at the start of that income year.

Note:          A reporting entity that is a reporting entity only because of an election under paragraph (b) is a volunteering entity : see section 5.

             (2)  An entity is covered by this subsection if:

                     (a)  the entity carries on an enterprise in Australia; and

                     (b)  any of the following apply:

                              (i)  the total income for the entity for the most recent income year for the entity was more than $100 million;

                             (ii)  if the entity is a controlling corporation--the combined total income for all members of the controlling corporation's group for the most recent income year for the controlling corporation was more than $100 million;

                            (iii)  if the entity is a member of the group of a controlling corporation to which subparagraph (ii) applies--the total income for the entity for the most recent income year for the entity was at least $10 million; and

                     (c)  the entity is not registered under the Australian Charities and Not-for-profits Commission Act 2012 .

Ceasing to be a reporting entity

             (3)  A reporting entity continues to be a reporting entity until the Regulator determines, in writing, that the entity has ceased to be a reporting entity.

Note:          A decision not to determine that the reporting entity ceases to be a reporting entity is reviewable: see section 51.

             (4)  However, a reporting entity ceases to be a reporting entity immediately after the end of an income year (the relevant income year ) for the entity if:

                     (a)  the entity is a member of a controlling corporation's group; and

                     (b)  the entity is not a volunteering entity; and

                     (c)  the total income for the entity for each of the following was less than $10 million:

                              (i)  the relevant income year;

                             (ii)  the income year for the entity immediately preceding the relevant income year.

Application for determination

             (5)  A reporting entity may apply in writing for a determination under subsection (3).

             (6)  The application must include any information or documents prescribed by the rules.

             (7)  After considering the application, the Regulator must make the determination if:

                     (a)  the Regulator is satisfied:

                              (i)  that the total income for the entity for each of the 2 most recent income years for the entity was not more than $100 million; and

                             (ii)  if the entity is a controlling corporation or a member of a controlling corporation's group--that the combined total income for all members of the controlling corporation's group for each of the 2 most recent income years for the controlling corporation was not more than $100 million; or

                     (b)  the Regulator is satisfied that the entity is registered under the Australian Charities and Not-for-profits Commission Act 2012 ; or

                     (c)  the Regulator is satisfied that the entity is a volunteering entity.

When determination has effect

             (8)  The determination has effect immediately before the start of the income year for the entity in which it is made.

Notice of decision

             (9)  The Regulator must give the entity written notice of the Regulator's decision on whether to make a determination under subsection (3).