Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) A registered entity is a small registered entity for a particular financial year if the revenue of the registered entity for the financial year is less than $250,000, or any other amount prescribed by the regulations for the purposes of this subsection.
(2) A registered entity is a medium registered entity for a particular financial year if:
(a) it is not a small registered entity for the financial year; and
(b) the revenue of the registered entity for the financial year is less than $1,000,000, or any other amount prescribed by the regulations for the purposes of this paragraph.
(3) A registered entity is a large registered entity for a particular financial year if it is not a small registered entity or a medium registered entity for the financial year.
(4) Revenue is to be calculated for the purposes of this section in accordance with accounting standards in force at the relevant time (even if the standard does not otherwise apply to the financial year of the registered entity concerned).
(5) The Commissioner may continue to treat a registered entity as either a small, medium or large registered entity for a financial year if the Commissioner is of the opinion that:
(a) the entity was a registered entity of that size for the previous financial year; and
(b) the entity, while not being of that size for the current financial year, is likely to return to that size during the next financial year.
Note: For registered entities that form a reporting group, see section 60 - 105.