Commonwealth Consolidated Regulations

INSURANCE CONTRACTS REGULATIONS 2017 - REG 35

  (1)   A business is a small business if:

  (a)   the business has operated in the last completed financial year; and

  (b)   its turnover in the last completed financial year was less than $1,000,000; and

  (c)   the total number of hours worked each week by the employees of the business is no more than 190 hours (whether or not the employees are employed on a full - time, part - time or casual basis).

Note:   190 hours is the equivalent of 5 employees each working a 38 hour week.

  (2)   If :

  (a)   a business did not operate in the last completed financial year; or

  (b)   the turnover of the business in the last completed financial year is unknown;

the business is a small business if the number of hours worked each week by the employees of the business is no more than 190 hours (whether or not the employees are employed on a full - time, part - time or casual basis).

Note:   190 hours is the equivalent of 5 employees each working a 38 hour week.