Commonwealth Numbered Regulations

INSURANCE CONTRACTS REGULATIONS 2017 (F2017L01658) - 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.