29Record‑keeping requirements—reporting entities

29 Record‑keeping requirements—reporting entities

Reporting entity must keep records (1) A reporting entity must keep records of any information used in the preparation of a payment times report for a reporting period for the entity for at least 7 years after the end of the reporting period. Civil penalty (2) A reporting entity is liable to a civil penalty if: (a) the entity is required to keep records under subsection (1); and (b) the entity fails to comply with the requirement; and (c) the entity is not a volunteering entity.

Civil penalty: 200 penalty units.

(3) For the purposes of subsection (2), the reference in paragraph 82(5)(a) of the Regulatory Powers Act to 5 times the pecuniary penalty specified for the civil penalty provision has effect as if it were a reference to 0.2% of the total income for the person for the income year in which the contravention occurred.

Note: This subsection modifies the maximum pecuniary penalty that a body corporate can be ordered to pay for a contravention of subsection (2).