5Meaning of small business

5 Meaning of small business

(1) A business is a small business at a particular time in a financial year (the current year) if: (a) it has fewer than 100 employees at that time; or (b) either: (i) its revenue for the previous financial year is $5,000,000 or less; or (ii) if there was no time in the previous financial year when the business was carried on—its revenue for the current year is $5,000,000 or less. (2) For the purposes of this section, business includes an enterprise, activity, project, undertaking or arrangement. (3) In counting employees for the purposes of the definition of small business in subsection (1), take part‑time employees into account as an appropriate fraction of a full‑time equivalent. (4) Revenue is to be calculated for the purposes of this section in accordance with accounting standards in force at the relevant time.