Document ID: chunk:federal_register_of_legislation:C2004A01334:clause:1_19:p2
Version: federal_register_of_legislation:C2004A01334
Segment Type: clause
Provision Reference: sch 1 cl 19 (pt 2/2)
Character Range: 158738–160449

the purposes of item 16 of the table in subsection (1), disregard a debt owed to a person by a body corporate or entity if:
 (a) the item applies to the person because the person is an immediate family member of:
 (i) a professional member of the audit team conducting the audit of the audited body; or
 (ii) a non‑audit services provider; and
 (b) the debt is incurred in the ordinary course of business of the body corporate or entity.

Ordinary commercial loan exception

 (7) For the purposes of item 18 of the table in subsection (1), disregard any loan that:
 (a) is made or given in the ordinary course of the business of:
 (i) the audited body; or
 (ii) the related body corporate; or
 (iii) the controlled entity; and
 (b) is made or given on the terms and conditions that would normally apply to a loan made or given by the audited body, the related body corporate or the controlled entity.

Ordinary commercial guarantee exception

 (8) For the purposes of item 19 of the table in subsection (1), disregard any guarantee that:
 (a) is made or given in the ordinary course of the business of:
 (i) the audited body; or
 (ii) the related body corporate; or
 (iii) the controlled entity; and
 (b) is made or given on the terms and conditions that would normally apply to a guarantee made or given by the audited body, the related body corporate or the controlled entity.

Relevant financial year

 (9) In this section:

relevant financial year, in relation to audit activities undertaken in relation to an audit of a financial report for a financial year or an audit or review of a financial report for a half‑year in a financial year, means the financial year immediately before that financial year.