Commonwealth Consolidated Acts

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SOCIAL SECURITY ACT 1991 - SECT 1207N

Designated private companies

  (1)   For the purposes of this Part, 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 revenue for the financial year of the company and its subsidiaries is less than $25 million, or any other amount prescribed by regulations made for the purposes of paragraph   45A(2)(a) of the Corporations Act 2001 ;

  (ii)   the value of the consolidated gross assets at the end of the financial year of the company and its subsidiaries is less than $12.5 million, or any other amount prescribed by regulations made for the purposes of paragraph   45A(2)(b) of the Corporations Act 2001 ;

  (iii)   the company and its subsidiaries have fewer than 50, or any other number prescribed by regulations made for the purposes of paragraph   45A(2)(c) of the Corporations Act 2001 , 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 Secretary may, by legislative instrument, 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.

Excluded companies

  (5)   The Secretary may, by legislative instrument, 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.

Definitions

  (8)   In this section:

"consolidated revenue" has the same meaning as in section   45A of the Corporations Act 2001 .

"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 Act 2001 .


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