Commonwealth Consolidated Acts

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VETERANS' ENTITLEMENTS ACT 1986 - SECT 52ZZA

Designated private companies

             (1)  For the purposes of this Division, 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 Commission may, by legislative instrument, declare that each company included in a specified class of companies is a declared private company for the purposes of this section.

             (3)  A declaration under subsection (2) has effect accordingly.

Excluded companies

             (5)  The Commission 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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