Victorian Numbered Regulations Victorian Numbered Regulations(1) For the purposes of the definition of small business in section 4(1) of the Act, a small business is a business the goodwill, plant equipment and fittings of which are sold or offered for sale or authorized to be sold at a total price not exceeding $450 000.
(2) For the purposes of section 52(1) of the Act, the prescribed form of a statement with respect to the sale of a small business is the form set out in Form 2 in Schedule 1.
(3) The Business Operating Report in Section D of Form 2 must—
(a) show the required information for the current accounting period; and
(b) show the required information for the 2 previous accounting periods, unless the vendor has not owned the business for that long; and
(c) be certified in the terms set out in Item 2 of Section D of Form 2 by a practising accountant.
(4) Subject to subregulation (5), an accounting period for the purposes of subregulation (3) is—
(a) a financial year; or
(b) a continuous period of 12 months.
(5) If a particular accounting period was changed for bookkeeping purposes that period may be treated as an accounting period for the purposes of subregulation (3).