Document ID: chunk:federal_register_of_legislation:C2024A00065:clause:1_10k
Version: federal_register_of_legislation:C2024A00065
Segment Type: clause
Provision Reference: sch 1 cl 10K
Character Range: 26471–28235

10K  Regulator may determine that entity is to cease to be a reporting entity
 (1) The Regulator may determine, in writing, that a reporting entity is to cease to be a reporting entity at the time specified under subsection (2), if:
 (a) the entity is not:
 (i) a volunteering entity; or
 (ii) a subsidiary reporting entity; and
 (b) the Regulator is satisfied that:
 (i) the entity has ceased to exist; or
 (ii) paragraph 7(2)(a) does not apply to the entity; or
 (iii) the entity's consolidated revenue for each of the 2 most recent financial years was not more than $100 million; or
 (iv) the entity is controlled by another entity that is a reporting entity; or
 (v) the entity is registered under the Australian Charities and Not‑for‑profits Commission Act 2012; or
 (vi) a circumstance prescribed by the rules applies.
Note: A decision to determine that a reporting entity is to cease to be a reporting entity is reviewable: see section 51.
 (2) If the Regulator makes a determination under subsection (1) in relation to an entity, the entity ceases to be a reporting entity at the time specified in the determination, which must be either:
 (a) the start of the reporting period of the entity in which the determination is made; or
 (b) the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a).
 (3) The Regulator must give written notice of a determination under subsection (1) to the entity concerned.
 (4) To avoid doubt, a determination under subsection (1) that relates to an entity does not prevent the entity becoming a reporting entity again.

Determination is not a legislative instrument
 (5) A determination under subsection (1) is not a legislative instrument.

Division 5—Reporting nominees