Corporations Act 2001

CHAPTER 1 - INTRODUCTORY

PART 1.2 - INTERPRETATION

Division 5A - Types of company

SECTION 45B MEANING OF SMALL COMPANY 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)

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it is not a deductible gift recipient (within the meaning of the Income Tax Assessment Act 1997 ) 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)

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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

(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.

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History

S 45B(1) amended by No 69 of 2023, s 3, Sch 2 [ 91] (effective 15 September 2023).

S 45B(1) amended by No 36 of 2015, s 3, Sch 5 [ 32] (effective 14 April 2015).

[ CCH Note: No 36 of 2015, s 3, Sch 5[74] - [ 77] contained the following application provision (which was effective 14 April 2015):

Part 2 - Transitional and application provisions
74 Corporate and strategic plans
74
An amendment made by an item of this Schedule that relates to a corporate plan or a strategic plan (however described) applies in relation to reporting periods that commence on or after 1 July 2015. 75 Annual reports
75
An amendment made by an item of the Schedule that relates to an annual report applies in relation to reporting periods that commence on or after 1 July 2014. 76 Disclosing interests
76(1)
This item applies if:

(a) before this item commences, a person discloses an interest in accordance with a provision in an Act; and

(b) the provision is:

(i) amended; or

(ii) repealed; or

(iii) repealed and substituted;

by an item of this Schedule.

76(2)
The person is taken to have disclosed the interest in accordance with section 29 of the Public Governance, Performance and Accountability Act 2013 and rules made for the purposes of that section.
77 Saving instruments in force at commencement
77(1)
This item applies if:

(a) a provision of an Act provides that an instrument (whether or not a legislative instrument) may be made under, or for the purposes of, the provision; and

(b) an instrument made under, or for the purposes of, the provision is in force immediately before the commencement of this Schedule; and

(c) the provision is:

(i) amended; or

(ii) repealed and substituted;

by an item of this Schedule; and

(d) after the provision has been amended or repealed and substituted, the provision still provides in the same or similar terms that an instrument may be made under, or for the purposes of, the provision.

77(2)
If the provision is amended, the amendment referred to in subparagraph (1)(c)(i) does not affect the continuity of the instrument.

77(3)
If the provision is repealed and substituted, the instrument is taken, after the commencement of this Schedule, to have been made under, or for the purposes of, the provision as substituted.

]

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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