Payment Times Reporting (Form and Manner for Giving Report) Instrument 2021
I, Gino Grassia, Payment Times Reporting Regulator, make the following instrument.
Dated 25 March 2021
Gino Grassia
Payment Times Reporting Regulator
Contents
1 Name
2 Commencement
3 Authority
4 Form and manner for giving report
1 Name
This instrument is the Payment Times Reporting (Form and Manner for Giving Report) Instrument 2021.
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Note: This table relates only to the provisions of this instrument as originally made.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 subsection 14(7) of the Payment Times Reporting Act 2020.
4 Form and manner for giving report
(1) The form and manner for giving a report specified in this section is approved for the purposes of subsection 14(6) of the Payment Times Reporting Act 2020.
(2) The report must be given in the form of the reporting templates available on the Payment Times Reporting Portal on the day that this instrument commences.
(3) The report must be given electronically using the Payment Times Reporting Portal.
(4) In this section, 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.industry.gov.au.
Overview
The Payment Times Reporting (Form and Manner for Giving Report) Instrument 2021 was enacted to provide clarity and consistency in the way businesses report on their payment times to the Payment Times Reporting Regulator. This notifiable instrument was created under subsection 14(7) of the Payment Times Reporting Act 2020 and commenced the day after it was registered. The primary objective of this legislation is to ensure that reports are submitted in a uniform and efficient manner, facilitating better oversight and compliance with the Act. The instrument specifies that reports must be submitted electronically through the Payment Times Reporting Portal, using the templates made available on the website, thus streamlining the reporting process and ensuring data accuracy and accessibility.
Scope and Application
The Payment Times Reporting (Form and Manner for Giving Report) Instrument 2021 applies to entities mandated to report on payment times under the Payment Times Reporting Act 2020. This Act targets entities that meet certain thresholds in terms of their turnover or the number of transactions they conduct. The legislation specifically applies to businesses and other entities within the Australian jurisdiction, including those registered in states and territories. The instrument delineates the approved method for these entities to submit their reports, ensuring compliance with the legislative requirements. The scope of the Act is limited to entities that fall within the specified criteria, and it excludes those that do not meet the thresholds set by the legislation. The reporting must be conducted electronically through the Payment Times Reporting Portal, as specified by the instrument, facilitating a streamlined and efficient process for compliance. Any amendments or further specifications regarding the application of the Act may be introduced through subordinate instruments.
Key Provisions
The Payment Times Reporting (Form and Manner for Giving Report) Instrument 2021 outlines the specific requirements for the submission of payment times reports by entities governed under the Payment Times Reporting Act 2020. According to section 4(1), the form and manner for reporting are approved under section 14(6) of the Act, mandating that reports be submitted in the format of the reporting templates provided on the Payment Times Reporting Portal, which became available on the day the instrument commenced (section 2(1)). These reports must be submitted electronically through the Payment Times Reporting Portal as specified in section 4(3). The portal is defined in section 4(4) as the website maintained by the Department for the submission of these reports by reporting entities to the Regulator.
Entities governed by this Act are required to adhere to these stipulations to ensure compliance with the legislative framework. This includes ensuring that reports are submitted in the correct format and through the specified electronic portal. Failure to comply with these requirements could result in non-compliance with the Act, potentially leading to various consequences as outlined in the Payment Times Reporting Act 2020.
Section 14 of the Payment Times Reporting Act 2020 outlines various offences and penalties for non-compliance. For instance, entities may face civil penalties for providing inaccurate or incomplete information. The maximum civil penalty for providing false or misleading information can be substantial, as specified within the Act. Additionally, the Regulator has the authority to impose financial penalties for breaches, which could further impact the reporting entity's compliance status and financial standing. In severe cases, persistent non-compliance could lead to criminal charges, with potential fines and imprisonment, as delineated in the overarching legislation.