Document ID: chunk:federal_register_of_legislation:F2021C00206:reg:35
Version: federal_register_of_legislation:F2021C00206
Segment Type: reg
Provision Reference: reg 35
Character Range: 62510–63536

35  Meaning of small business
 (1) A business is a small business if:
 (a) the business has operated in the last completed financial year; and
 (b) its turnover in the last completed financial year was less than $1,000,000; and
 (c) the total number of hours worked each week by the employees of the business is no more than 190 hours (whether or not the employees are employed on a full‑time, part‑time or casual basis).
Note: 190 hours is the equivalent of 5 employees each working a 38 hour week.
 (2) If:
 (a) a business did not operate in the last completed financial year; or
 (b) the turnover of the business in the last completed financial year is unknown;
the business is a small business if the number of hours worked each week by the employees of the business is no more than 190 hours (whether or not the employees are employed on a full‑time, part‑time or casual basis).
Note: 190 hours is the equivalent of 5 employees each working a 38 hour week.

Division 3—General provisions relating to insurance contracts