Document ID: chunk:federal_register_of_legislation:C2005C00508:clause:2_52zza
Version: federal_register_of_legislation:C2005C00508
Segment Type: clause
Provision Reference: sch 2 cl 52ZZA
Character Range: 127317–129470

52ZZA  Designated private companies

 (1) For the purposes of this Division, a company is a designated private company at a particular time if:
 (a) the company satisfies at least 2 of the following conditions in relation to the last financial year that ended before that time:
 (i) the consolidated gross operating revenue for the financial year of the company and its subsidiaries is less than $10 million;
 (ii) the value of the consolidated gross assets at the end of the financial year of the company and its subsidiaries is less than $5 million;
 (iii) the company and its subsidiaries have fewer than 50 employees at the end of the financial year; or
 (b) the company came into existence after the end of the last financial year that ended before that time; or
 (c) the company is a declared private company (see subsection (2));
and the company is not an excluded company (see subsection (5)).

Declared private company

 (2) The Commission may, by writing, determine that each company included in a specified class of companies is a declared private company for the purposes of this section.

 (3) A determination under subsection (2) has effect accordingly.

 (4) A determination under subsection (2) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

Excluded companies

 (5) The Commission may, by writing, declare that each company included in a specified class of companies is an excluded company for the purposes of this section.

 (6) A declaration under subsection (5) has effect accordingly.

 (7) An instrument under subsection (5) is a disallowable instrument for the purposes of section 46A of the Acts Interpretation Act 1901.

Definitions

 (8) In this section:

consolidated gross operating revenue has the same meaning as in section 45A of the Corporations Law.

financial year, in relation to a company, means:
 (a) a period of 12 months beginning on 1 July; or
 (b) if some other period is the company's tax year—that other period.

value of consolidated gross assets has the same meaning as in section 45A of the Corporations Law.

Subdivision C—Designated private trusts