22JFast small business payers

22J Fast small business payers

(1) An entity is a fast small business payer, at a particular time, if: (a) at that particular time, the entity is a reporting entity or reporting nominee; and (b) at that particular time, the entity has given the Regulator payment times reports for 2 consecutive reporting periods and both of the payment times reports for the 2 consecutive reporting periods have a qualifying payment time of 20 days or less; and (c) at that particular time, the period of 9 months, starting on the day after the end of the later of the 2 consecutive reporting periods, has not ended; and (d) in the case that, at that particular time, the entity has given the Regulator a payment times report for the next reporting period starting immediately after the end of the later of the 2 consecutive reporting periods—that payment times report also has a qualifying payment time of 20 days or less. (2) For the purposes of this Division, qualifying payment time of 20 days or less has the meaning given by the rules.