Document ID: chunk:federal_register_of_legislation:C2016A00054:clause:2_64
Version: federal_register_of_legislation:C2016A00054
Segment Type: clause
Provision Reference: sch 2 cl 64
Character Range: 78043–78721

64  Subsection 118‑425(5)
Repeal the subsection, substitute:

Registered auditor
 (5) The company must have as its auditor a *registered auditor at all times (if any) referred to in subsection (5A) during which the company:
 (a) is not a proprietary company within the meaning of the Corporations Act 2001; or
 (b) is a large proprietary company within the meaning of that Act; or
 (c) would exceed the *permitted entity value if the amount provided for under subsection 118‑440(9) were $12.5 million.
Note: This requirement is ongoing.
 (5A) The times are:
 (a) the end of the income year in which the investment is made; and
 (b) all times after the end of that income year.