Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) For the purposes of this Part, 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 Secretary may, by legislative instrument, determine that each company included in a specified class of companies is a declared private company for the purposes of this section.
(3) A determination under subsection (2) has effect accordingly.
Excluded companies
(5) The Secretary 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.
(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 .