8Meaning of payment time

8 Meaning of payment time

(1) A payment time, for a payment, means the number of calendar days as mentioned in whichever one of the following paragraphs is relevant to the payment: (a) where the payment is a payment of an invoice (other than a recipient created tax invoice)—the smallest number of calendar days from the following: (i) the calendar days between the date the invoice was issued and the date the invoice was fully discharged by the payment; (ii) the calendar days between date the invoice was received (if recorded) and the date the invoice was fully discharged by the payment; (b) where the payment is a payment of a recipient created tax invoice—the number of calendar days between the date the invoice was issued and the date the invoice was fully discharged by the payment; (c) where the payment is in response to a notice for payment under an agreement—the number of calendar days between the date the notice for payment under an agreement was issued and the date it was fully discharged by the payment; (d) where a payment is made without an invoice or a notice for payment—the number of calendar days between the date the obligation to make the payment arose under an agreement and the date the obligation was fully discharged by the payment. (2) Where a payment is made before an invoice was issued, an invoice was received, a notice for payment was issued, or an obligation arose under an agreement, as is relevant, the payment time, for a payment, is 0 calendar days.