Document ID: chunk:federal_register_of_legislation:C2024A00065:clause:1_7
Version: federal_register_of_legislation:C2024A00065
Segment Type: clause
Provision Reference: sch 1 cl 7
Character Range: 8380–10819

7  Meaning of reporting entity
 (1) A constitutionally covered entity becomes a reporting entity at the start of a financial year for the entity if the entity is covered by subsection (2).
 (2) An entity is covered by this subsection if:
 (a) the entity:
 (i) carries on business in Australia; or
 (ii) is a company that is incorporated in Australia; or
 (iii) is a company that is not incorporated in Australia, but has either its central management and control in Australia, or its voting power controlled by shareholders who are residents of Australia; or
 (iv) is a corporate Commonwealth entity, or a Commonwealth company, within the meaning of the Public Governance, Performance and Accountability Act 2013; and
 (b) the entity's consolidated revenue for the previous financial year is more than $100 million; and
 (c) the entity is not controlled by another entity that is a reporting entity; and
 (d) the entity is not registered under the Australian Charities and Not‑for‑profits Commission Act 2012.
 (3) If the Regulator determines under subsection 10B(1) that a constitutionally covered entity is a reporting entity, the entity becomes a reporting entity at the time the determination takes effect (unless the reporting entity is already a reporting entity at that time).
Note: An entity that a determination under subsection 10B(1) applies to is a volunteering entity (see the definition of volunteering entity in section 5).
 (4) If the Regulator determines under subsection 10E(1) that a constitutionally covered entity is a subsidiary reporting entity, the entity becomes a reporting entity at the time the determination takes effect (unless the subsidiary reporting entity is already a reporting entity at that time).

Ceasing to be a reporting entity
 (5) A reporting entity continues to be a reporting entity until:
 (a) if the entity is a volunteering entity—the determination under subsection 10B(1) that relates to the entity is revoked, or taken to be revoked, under subsection 10D(2), (3) or (7); or
 (b) if the entity is a subsidiary reporting entity—the determination under subsection 10E(1) that relates to the entity is revoked under section 10G; or
 (c) a notice under subsection 10H(2) (notice that entity has ceased to be a reporting entity) takes effect; or
 (d) the entity ceases to be a reporting entity under subsection 10K(2) (Regulator may determine that entity is to cease to be a reporting entity).