Insurance Contracts Regulations 2017
35Meaning of small business
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35 Meaning of small business
(1) A business is a small business if: (a) the business has operated in the last completed financial year; and (b) its turnover in the last completed financial year was less than $1,000,000; and (c) the total number of hours worked each week by the employees of the business is no more than 190 hours (whether or not the employees are employed on a full‑time, part‑time or casual basis).
Note: 190 hours is the equivalent of 5 employees each working a 38 hour week.
(2) If: (a) a business did not operate in the last completed financial year; or (b) the turnover of the business in the last completed financial year is unknown; the business is a small business if the number of hours worked each week by the employees of the business is no more than 190 hours (whether or not the employees are employed on a full‑time, part‑time or casual basis).
Note: 190 hours is the equivalent of 5 employees each working a 38 hour week.