11Simplified outline of this Part

11 Simplified outline of this Part

This Part requires reporting entities and reporting nominees to give the Regulator payment times reports for their reporting periods. A report for a reporting period must be given within 3 months after the end of the period, unless the Regulator allows an extension of time.

A payment times report must contain the information and documents prescribed by the rules, and must comply with a number of requirements relating to the preparation and approval of reports.

Civil penalties apply to reporting entities (other than volunteering entities) and reporting nominees that:

(a) fail to report; or

(b) give the Regulator a false or misleading report.

Payment times reports are published on a publicly available register, known as the Payment Times Reports Register. A reporting entity or reporting nominee may register a revised payment times report.

If the Regulator is satisfied that an entity has failed to comply with this Act, the Regulator may publish the identity of the entity, or details of the entity’s non‑compliance, on the register.

Division 4 provides for the Minister to give slow small business payer directions, which may require reporting entities or reporting nominees to publish the fact that they are slow small business payers.

Division 5 requires the Regulator to maintain and publish a list of fast small business payers on the register. The Regulator can exclude an entity from the list of fast small business payers for a period in certain circumstances.

Civil penalties apply to entities that make representations about being a fast small business payer when the entity is not included in the list of fast small business payers.