Section 1207N — Social Security Act 1991: Designated private companies

(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. 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.