Document ID: chunk:federal_register_of_legislation:C2025C00185:section:19:p2
Version: federal_register_of_legislation:C2025C00185
Segment Type: section
Provision Reference: s 19 (pt 2/4)
Character Range: 1269243–1271673

small proprietary company for the financial year; and
 (b) either:
 (i) does not have any CSF shareholders at any time during the financial year; or
 (ii) has, as at the end of the financial year, raised a total less than the CSF audit threshold from all the CSF offers it has ever made.

Firm assets
 (4) For the purpose of applying items 10 to 14 in the table in subsection (1) to an audit firm, the firm is taken to have a particular asset if the asset is one of the firm's partnership assets.

Housing loan exception
 (5) For the purposes of item 15 of the table in subsection (1), disregard a debt owed by an individual to a body corporate or entity if:
 (a) the body corporate or entity is:
 (i) an Australian ADI; or
 (ii) a body corporate registered under section 21 of the Life Insurance Act 1995; and
 (b) the debt arose because of a loan that the body corporate or entity made to the person in the ordinary course of its ordinary business; and
 (c) the person used the amount of the loan to pay the whole or part of the purchase price of premises that the person uses as their principal place of residence.

Goods and services exception
 (5A) For the purposes of item 15 of the table in subsection (1), disregard a debt owed by a person or firm to a body corporate or entity if:
 (a) the debt arises from the acquisition of goods or services from:
 (i) the audited body; or
 (ii) an entity that the audited body controls; or
 (iii) a related body corporate; and
 (b) the acquisition of goods and services was on the terms and conditions that would normally apply to goods or services acquired from the body, entity or related body corporate; and
 (c) the debt is owed on the terms and conditions that would normally apply to a debt owing to the body, entity or related body corporate; and
 (d) the goods or services will be used by the person or firm:
 (i) for the personal use of the person or firm; or
 (ii) in the ordinary course of business of the person or firm.

Ordinary commercial loan exception
 (5B) For the purposes of item 15 of the table in subsection (1), disregard a debt owed under a loan that:
 (a) is made or given in the ordinary course of 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