Payment Times Reporting (Consequential Amendments) Act 2020

Administered by Department of the Treasury

Legislation au C2020A00089 In force Act

Legislation content

Payment Times Reporting (Consequential Amendments) Act 2020

No. 89, 2020

Compilation No. 1

Compilation date: 17 September 2021

Registered: 17 September 2021

This compilation only includes an editorial change

About this compilation

This compilation

This is a compilation of the Payment Times Reporting (Consequential Amendments) Act 2020 that shows the text of the law as amended and in force on 17 September 2021 (the compilation date).

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on the Legislation Register (www.legislation.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on the Legislation Register for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Editorial changes

For more information about any editorial changes made in this compilation, see the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on the Legislation Register for the compiled law.

Selfrepealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

 

 

 

Contents

1 Short title

2 Commencement

3 Schedules

Schedule 1—Amendments

Part 1—General amendments

Taxation Administration Act 1953

Part 2—Contingent amendments

Payment Times Reporting Act 2020

Endnotes

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Editorial changes

 

An Act to deal with consequential matters arising from the enactment of the Payment Times Reporting Act 2020, and for related purposes

1  Short title

  This Act is the Payment Times Reporting (Consequential Amendments) Act 2020.

2  Commencement

 (1) Each provision of this Act 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.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent.

17 September 2020

2.  Schedule 1, Part 1

At the same time as the Payment Times Reporting Act 2020 commences.

However, the provisions do not commence at all if that Act does not commence.

1 January 2021

3.  Schedule 1, Part 2

The later of:

(a) immediately after the commencement of the Payment Times Reporting Act 2020; and

(b) the commencement of the Federal Circuit and Family Court of Australia Act 2021.

However, the provisions do not commence at all unless both of the events mentioned in paragraphs (a) and (b) occur.

1 September 2021

(paragraph (b) applies)

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

 (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3  Schedules

  Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendments

Part 1—General amendments

Taxation Administration Act 1953

1  Subsection 35565(8) in Schedule 1 (after table item 3)

Insert:

 

4

the Regulator (within the meaning of the Payment Times Reporting Act 2020)

(a) is of information relating to whether an entity is a reporting entity (within the meaning of the Payment Times Reporting Act 2020); and

(b) is for the purpose of enabling the Regulator to administer that Act.

2  Application of amendments

The amendment of subsection 35565(8) in Schedule 1 to the Taxation Administration Act 1953 made by this Part applies in relation to records and disclosures of information made at or after the commencement of this Part, whether the information was obtained before, at or after the commencement of this Part.

Part 2—Contingent amendments

Payment Times Reporting Act 2020

3  Section 5 (definition of Federal Circuit Court)

Repeal the definition.

4  Section 5 (paragraph (b) of the definition of issuing officer)

Omit “Federal Circuit Court”, substitute “Federal Circuit and Family Court of Australia (Division 2)”.

5  Section 5 (paragraph (b) of the definition of relevant court)

Repeal the paragraph, substitute:

 (b) the Federal Circuit and Family Court of Australia (Division 2); or

 

Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Editorial changes

The Legislation Act 2003 authorises First Parliamentary Counsel to make editorial and presentational changes to a compiled law in preparing a compilation of the law for registration. The changes must not change the effect of the law. Editorial changes take effect from the compilation registration date.

If the compilation includes editorial changes, the endnotes include a brief outline of the changes in general terms. Full details of any changes can be obtained from the Office of Parliamentary Counsel.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

Endnote 2—Abbreviation key

ad = added or inserted

o = order(s)

am = amended

Ord = Ordinance

amdt = amendment

orig = original

c = clause(s)

par = paragraph(s)/subparagraph(s)

C[x] = Compilation No. x

/subsubparagraph(s)

Ch = Chapter(s)

pres = present

def = definition(s)

prev = previous

Dict = Dictionary

(prev…) = previously

disallowed = disallowed by Parliament

Pt = Part(s)

Div = Division(s)

r = regulation(s)/rule(s)

ed = editorial change

reloc = relocated

exp = expires/expired or ceases/ceased to have

renum = renumbered

effect

rep = repealed

F = Federal Register of Legislation

rs = repealed and substituted

gaz = gazette

s = section(s)/subsection(s)

LA = Legislation Act 2003

Sch = Schedule(s)

LIA = Legislative Instruments Act 2003

Sdiv = Subdivision(s)

(md) = misdescribed amendment can be given

SLI = Select Legislative Instrument

effect

SR = Statutory Rules

(md not incorp) = misdescribed amendment

SubCh = SubChapter(s)

cannot be given effect

SubPt = Subpart(s)

mod = modified/modification

underlining = whole or part not

No. = Number(s)

commenced or to be commenced

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

Payment Times Reporting (Consequential Amendments) Act 2020

89, 2020

17 Sept 2020

Sch 1 (items 1, 2): 1 Jan 2021 (s 2(1) item 2)
Sch 1 (items 3–5): 1 Sept 2021 (s 2(1) item 3)
Remainder: 17 Sept 2020 (s 2(1) item 1)

 

 

Endnote 4—Amendment history

 

Provision affected

How affected

s 2.....................

ed C1

 

Endnote 5—Editorial changes

In preparing this compilation for registration, the following kinds of editorial change(s) were made under the Legislation Act 2003.

Subsection 2(1) (table item 3, column 2)

Kind of editorial change

Update to a reference of a law or a provision

Details of editorial change

This compilation was editorially changed to update a reference from the Federal Circuit and Family Court of Australia Act 2020 to the Federal Circuit and Family Court of Australia Act 2021 in column 2 of table item 3 of subsection 2(1).

 

Overview

The Payment Times Reporting (Consequential Amendments) Act 2020 was enacted to address the consequential matters arising from the Payment Times Reporting Act 2020, which was introduced to improve transparency and accountability in the payment practices of reporting entities. The Payment Times Reporting (Consequential Amendments) Act 2020 was enacted by the Parliament of Australia to ensure the smooth integration of the new reporting regime with existing legislative frameworks. The amendments provided by this Act aim to update references and definitions to reflect the changes introduced by the Payment Times Reporting Act 2020, ensuring consistency and coherence across related legislation. The Act makes several amendments to the Taxation Administration Act 1953, including updating the definition of information relevant to the Regulator under the Payment Times Reporting Act 2020. Additionally, contingent amendments to the Payment Times Reporting Act 2020 itself adjust definitions and references to align with the establishment of the Federal Circuit and Family Court of Australia. These amendments are designed to ensure that the new reporting requirements are applied correctly and consistently within the existing legal framework.

Scope and Application

The Payment Times Reporting (Consequential Amendments) Act 2020 applies to amendments arising from the enactment of the Payment Times Reporting Act 2020, impacting the Taxation Administration Act 1953 and contingent on the commencement of the Federal Circuit and Family Court of Australia Act 2021. This Act modifies the Taxation Administration Act 1953 to include information regarding whether an entity is a reporting entity under the Payment Times Reporting Act 2020, for the purpose of enabling the Regulator to administer the latter Act. The amendments apply to records and disclosures of information made after the commencement of the relevant provisions of this Act, regardless of when the information was obtained. Furthermore, the Act makes contingent amendments to the Payment Times Reporting Act 2020, including the repeal of certain definitions and their substitution with references to the Federal Circuit and Family Court of Australia (Division 2), effective upon the specified commencement dates. The application of these amendments is contingent on the commencement of the Federal Circuit and Family Court of Australia Act 2021.

Key Provisions

The Payment Times Reporting (Consequential Amendments) Act 2020 (Cth) contains amendments to other legislation to address matters arising from the Payment Times Reporting Act 2020 (Cth). The operative sections of this Act detail the specific amendments to be made to existing laws. For instance, section 1(1) of the Act states that certain provisions commence on the day this Act receives the Royal Assent, which was 17 September 2020. Section 2 outlines the commencement dates for different parts of Schedule 1, with some provisions aligning with the commencement of the Payment Times Reporting Act 2020 and others contingent on the Federal Circuit and Family Court of Australia Act 2021. The Schedules detail the specific amendments to various Acts, including the Taxation Administration Act 1953 and the Payment Times Reporting Act 2020. The Act imposes obligations on entities subject to the Payment Times Reporting Act 2020, particularly concerning the disclosure of information to the Australian Taxation Office. For example, under Schedule 1, Part 1, subsection 355-65(8) of the Taxation Administration Act 1953 is amended to include the Regulator, as defined in the Payment Times Reporting Act 2020, as an entity that can access information about whether an entity is a reporting entity. This amendment ensures that the necessary information is available to administer the new reporting requirements effectively. Additionally, the Act modifies definitions in the Payment Times Reporting Act 2020 to reflect changes in court structures, such as replacing references to the "Federal Circuit Court" with "Federal Circuit and Family Court of Australia (Division 2)" to align with recent legislative changes. Breaches of the obligations imposed by this Act can result in civil or criminal penalties, depending on the nature and severity of the violation. Under the Payment Times Reporting Act 2020, entities that fail to comply with reporting requirements may face penalties, including fines. The maximum penalties for non-compliance can be substantial, reflecting the importance of timely and accurate reporting. Additionally, the Taxation Administration Act 1953 provides for penalties for failure to disclose information as required, which can include fines and, in serious cases, imprisonment. These penalties underscore the legal obligations and consequences of non-compliance with the reporting requirements and the importance of adhering to the amended legislative framework.

Legal classification tags

Area of Law
Commercial Law
Instrument
Act
Concepts
Commencement Provisions
Reporting & Disclosure Obligations
Transitional Provisions
Repeal & Amendment

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Sourced from the Federal Register of Legislation at 26 August 2026. For the latest information on Australian Government law please go to https://www.legislation.gov.au.