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CORPORATIONS ACT 2001

CHAPTER 1 - INTRODUCTORY  

PART 1.2 - INTERPRETATION  

Division 5A - Types of company  

SECTION 45B  SMALL COMPANIES LIMITED BY GUARANTEE  

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45B(1)  

A company is a small company limited by guarantee in a particular financial year if:


(a) it is a company limited by guarantee for the whole of the financial year; and


(b) it is not a deductible gift recipient at any time during the financial year; and


(c) either:


(i) where the company is not required by the accounting standards to be included in consolidated financial statements - the revenue of the company for the financial year is less than the threshold amount; or

(ii) where the company is required by the accounting standards to be included in consolidated financial statements - the consolidated revenue of the consolidated entity for the financial year is less than the threshold amount; and


(d) it is not one of the following:

(i) a Commonwealth company for the purposes of the Public Governance, Performance and Accountability Act 2013;

(ii) a subsidiary of a Commonwealth company for the purposes of that Act;

(iii) a subsidiary of a corporate Commonwealth entity for the purposes of that Act; and
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(e) it has not been a transferring financial institution of a State or Territory within the meaning of clause 1 of Schedule 4 to this Act; and


(f) it is not a company that is permitted to use the expression building society, credit society or credit union under section 66 of the Banking Act 1959 at any time during the financial year.

45B(2)  

The threshold amount, for the purposes of subparagraphs (1)(c)(i) and (ii), is $250,000, or any other amount prescribed by the regulations for the purposes of this subsection.

45B(3)  

Revenue and consolidated revenue are to be calculated for the purposes of this section in accordance with accounting standards in force at the relevant time (even if the standard does not otherwise apply to the financial year of some or all of the companies concerned).


 



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