Document ID: chunk:federal_register_of_legislation:C2025C00133:section:29
Version: federal_register_of_legislation:C2025C00133
Segment Type: section
Provision Reference: s 29
Character Range: 86664–87703

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).