Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) An SME or small‑medium enterprise is a company the total value of whose assets, as determined under this section, is no more than $50 million.
(2) The total value of the company's assets is the total value of its assets (both current and non‑current) as shown in the last audited accounts prepared in relation to the company for the purposes of Division 4 of Part 3.6 of the Corporations Act 2001 before the investment is made.
(3) If:
(a) no such audited accounts have been prepared within the 12 months ending when the shares are issued; or
(b) the last such audited accounts prepared relate to a period that ended more than 18 months before the shares are issued;
then the company is not an SME unless:
(c) before the shares are issued, the taxpayer gets an audited statement (see subsection (4)) showing the total value of the company's assets as at a time no more than 12 months before the shares are issued; and
(d) that value is no more than $50 million.
(4) In subsection (3), an audited statement is a statement audited by a person or firm:
(a) who is appointed as the company's auditor in accordance with the Corporations Act 2001 ; or
(b) who is eligible to consent to being so appointed.