Document ID: chunk:federal_register_of_legislation:F2024L00194:reg:9:p1
Version: federal_register_of_legislation:F2024L00194
Segment Type: reg
Provision Reference: reg 9 (pt 1/2)
Character Range: 8274–10807

9  Meaning of high‑value insured

Meaning of high‑value insured
 (1) A person is a high‑value insured at a time (the test time) in a financial year if:
 (a) the average of the person's Australian operating revenue for the 3 previous financial years is at least $200 million; or
 (b) the average of the person's gross Australian assets for the 3 previous financial years is at least $200 million; or
 (c) the average of the person's number of Australian employees for the 3 previous financial years is at least 500.
 (2) The person's Australian operating revenue for a financial year is the total of the operating revenue (within the meaning of the accounting standards, as applying in relation to the year), of the entities mentioned in subsection (6), derived in Australia in the year.
 (3) The person's gross Australian assets for a financial year is the total of the value of the gross assets (within the meaning of the accounting standards, as applying in relation to the year), of the entities mentioned in subsection (6), in Australia at the end of the year.
 (4) The person's number of Australian employees for a financial year is the total of the number of Australian‑based employees (within the meaning of the Fair Work Act 2009), of the entities mentioned in subsection (6), at the end of the year.
 (5) For the purposes of subsection (4), it does not matter whether an employee was employed:
 (a) on a full‑time or part‑time basis; or
 (b) on a permanent or casual basis.

Relevant entities
 (6) For the purposes of subsections (2), (3), (4) and (7), the entities are:
 (a) the person mentioned in subsection (1); and
 (b) if that person is a member of a related group at the test time—each other entity that is a member of the group at the test time.

Entities not in existence during previous 3 years
 (7) Treat a reference in subsection (1) to the 3 previous financial years as being a reference to:
 (a) if none of the entities mentioned in subsection (6) was in existence at the end of the second of those 3 financial years—the latest of those 3 financial years; or
 (b) if none of the entities mentioned in subsection (6) was in existence at the end of the earliest of those 3 financial years, but at least one of those entities was in existence at the end of the second of those 3 financial years—the latest 2 of those 3 financial years.
 (8) For the purposes of subsection (2), (3) or (4), treat:
 (a) the operating revenue of an entity in a financial year; or
 (b) the value of an entity's gross assets at the end