Payment Times Reporting (Approval of Form and Manner) Instrument 2024
I, Robyn Beutel, Payment Times Reporting Regulator, make the following instrument.
Dated 20 September 2024
Robyn Beutel
Payment Times Reporting Regulator
Contents
Part 1—Preliminary
1 Name
2 Commencement
3 Authority
4 Schedules
5 Definitions
Part 2—Approval of form and manner
6 Approval of form and manner of giving notices etc
Schedule 1—Repeals
Payment Times Reporting (Form and Manner for Giving Report) Instrument 2021
Part 1—Preliminary
1 Name
This instrument is the Payment Times Reporting (Approval of Form and Manner) Instrument 2024.
2 Commencement
(1) Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information |
Column 1 | Column 2 | Column 3 |
Provisions | Commencement | Date/Details |
1. The whole of this instrument | The day after this instrument is registered. | |
Note: This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.
(2) Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.
3 Authority
This instrument is made under the Payment Times Reporting Act 2020.
4 Schedules
Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.
5 Definitions
Note: Expressions have the same meaning in this instrument as in the Payment Times Reporting Act 2020 as in force from time to time—see paragraph 13(1)(b) of the Legislation Act 2003.
In this instrument:
entity information has the meaning given by the Payment Times Reporting Rules 2024.
Payment Times Reporting Portal means the website maintained by the Department for the submission of payment times reports by reporting entities to the Regulator.
Note: At the time this instrument commenced, the Payment Times Reporting Portal was available at https://www.paymenttimes.gov.au.
the Act means the Payment Times Reporting Act 2020.
Part 2—Approval of form and manner
6 Approval of form and manner of giving notices etc
(1) Under subsections 10H(4), 10S(3), 14(7) and 27A(3) of the Act, the following form and manner is approved in relation to the giving to the Regulator of a notice, information, report or application covered by subsection (2):
(a) in the form of the relevant template available on the Payment Times Reporting Portal; and
(b) electronically using the Payment Times Reporting Portal.
(2) This section applies to:
(a) a notice given under subsection 10H(2) of the Act (entity ceased to be a reporting entity); and
(b) entity information; and
(c) a payment times report; and
(d) an application under any of the following provisions of the Act:
(i) subsection 10C(1) (application for Regulator to make a volunteering entity determination);
(ii) subsection 10F(1) (application for Regulator to make a subsidiary reporting entity determination);
(iii) subsection 10M(1) (application for Regulator to make a reporting nominee determination);
(iv) subsection 10Q(1) (application for Regulator to make an exempt entity determination);
(v) subsection 13A(1) (extensions of time of 28 days or less);
(vi) subsection 13B(1) (other extensions of time).
Schedule 1—Repeals
Payment Times Reporting (Form and Manner for Giving Report) Instrument 2021
1 The whole of the instrument
Repeal the instrument.
Overview
The Payment Times Reporting (Approval of Form and Manner) Instrument 2024 was enacted to streamline and formalise the procedures for reporting entities to submit various notices, information, and reports to the Payment Times Reporting Regulator. This legislative instrument was introduced to address the need for a standardised and efficient means of communication between reporting entities and the Regulator. The instrument was made under the authority of the Payment Times Reporting Act 2020, with the aim of ensuring consistency and clarity in the submission process. The Payment Times Reporting Act 2020 was designed to improve transparency and accountability in business-to-business payment practices, and this instrument further supports this policy objective by specifying the approved form and manner for delivering critical information to the Regulator.
Scope and Application
The Payment Times Reporting (Approval of Form and Manner) Instrument 2024 applies to the entities and conduct prescribed under the Payment Times Reporting Act 2020. It specifies the approved form and manner in which notices, information, reports, or applications must be given to the Payment Times Reporting Regulator. This includes notices when an entity ceases to be a reporting entity, entity information, payment times reports, and various applications for determinations and extensions of time. These communications must be provided in the form of a template available on the Payment Times Reporting Portal and must be submitted electronically through the same portal. The instrument has national jurisdiction as it is made under Commonwealth legislation, thereby affecting all reporting entities across Australia. There are no explicit exclusions or exemptions outlined in this particular instrument, though the overarching Act may contain provisions that exclude certain entities or transactions from its scope. The instrument can extend or restrict its application through subordinate instruments as necessary, ensuring that the form and manner of reporting are kept current and effective.
Key Provisions
The Payment Times Reporting (Approval of Form and Manner) Instrument 2024, made by Robyn Beutel as the Payment Times Reporting Regulator, outlines the specific form and manner in which certain notices, information, reports, and applications must be submitted to the Regulator under the Payment Times Reporting Act 2020. The instrument comes into effect the day after it is registered, as detailed in the commencement provisions (sections 2). This legislative instrument was created under the authority of the Payment Times Reporting Act 2020 and includes a schedule that repeals the Payment Times Reporting (Form and Manner for Giving Report) Instrument 2021.
The primary provision of this instrument (section 6) approves the form and manner for giving notices, information, reports, and applications to the Regulator. Specifically, these must be submitted in the form of the relevant template available on the Payment Times Reporting Portal and electronically using the same portal. This applies to a variety of submissions, including a notice when an entity ceases to be a reporting entity (subsection 10H(2)), entity information, a payment times report, and various applications to the Regulator for determinations or extensions of time (subsections 10C(1), 10F(1), 10M(1), 10Q(1), 13A(1), and 13B(1)).
Entities subject to the Payment Times Reporting Act 2020 are required to adhere to the approved form and manner for their submissions. This means they must use the templates provided on the Payment Times Reporting Portal and submit their documents electronically through this portal. This requirement ensures consistency and efficiency in how information is received and processed by the Regulator.
Failure to comply with the approved form and manner could lead to administrative penalties or other consequences as stipulated under the Payment Times Reporting Act 2020. Although specific penalties are not detailed in this instrument, non-compliance with reporting requirements under the Act generally may attract penalties as outlined in the Act itself. It is essential for entities to familiarise themselves with these requirements to avoid any potential repercussions.