6HRecognised small credit unions, recognised medium credit unions and recognised large credit unions

6H  Recognised small credit unions, recognised medium credit unions and recognised large credit unions Recognised small credit union in relation to a year of income  (1) For the purposes of this Act, a credit union is a recognised small credit union in relation to a year of income if:  (a) both:  (i) the year of income is the 1994‑95 year of income; and  (ii) either:  (A) the credit union is not a designated credit union; or  (B) the credit union’s notional taxable income of the year of income is less than $50,000; or  (b) both:  (i) the year of income is the 1995‑96 year of income or a later year of income; and  (ii) the credit union’s notional taxable income of the year of income is less than $50,000. Recognised medium credit union in relation to a year of income  (2) For the purposes of this Act, a credit union is a recognised medium credit union in relation to a year of income if:  (a) the year of income is the 1994‑95 year of income or a later year of income; and  (b) the credit union is not a recognised small credit union in relation to the year of income; and  (c) the credit union’s notional taxable income of the year of income is less than $150,000. Recognised large credit union in relation to a year of income  (3) For the purposes of this Act, a credit union is a recognised large credit union in relation to a year of income if:  (a) the year of income is the 1994‑95 year of income or a later year of income; and  (b) the credit union is neither:  (i) a recognised small credit union in relation to the year of income; nor  (ii) a recognised medium credit union in relation to the year of income. Designated credit union  (4) For the purposes of this section, a credit union is a designated credit union if:  (a) it was in existence on 1 July 1993; and  (b) assuming that its accounts for the last accounting period that ended before 1 July 1993 had been prepared in accordance with generally accepted accounting principles—the amount that would have been shown in those accounts as the gross value of its assets as at the end of that accounting period is more than $30 million. Notional taxable income  (5) For the purposes of this section, the notional taxable income of a credit union of a year of income is the amount that would be its taxable income of the year of income if:  (a) section 23G did not apply to income derived by it in the 1994‑95 year of income or any later year of income; and  (b) Division 9 of Part III had not been enacted. accounting period, in relation to a credit union, means a period at the end of which the balance of its accounts is struck. accounts, in relation to a credit union, means accounts prepared for the purposes of reporting annually to the shareholders in the credit union. credit union means a credit union as defined in section 23G, except a life assurance company.