10KRegulator may determine that entity is to cease to be a reporting entity

10K Regulator may determine that entity is to cease to be a reporting entity

(1) The Regulator may determine, in writing, that a reporting entity is to cease to be a reporting entity at the time specified under subsection (2), if: (a) the entity is not: (i) a volunteering entity; or (ii) a subsidiary reporting entity; and (b) the Regulator is satisfied that: (i) the entity has ceased to exist; or (ii) paragraph 7(2)(a) does not apply to the entity; or (iii) the entity’s consolidated revenue for each of the 2 most recent financial years was not more than $100 million; or (iv) the entity is controlled by another entity that is a reporting entity; or (v) the entity is registered under the Australian Charities and Not‑for‑profits Commission Act 2012; or (vi) a circumstance prescribed by the rules applies.

Note: A decision to determine that a reporting entity is to cease to be a reporting entity is reviewable: see section 51.

(2) If the Regulator makes a determination under subsection (1) in relation to an entity, the entity ceases to be a reporting entity at the time specified in the determination, which must be either: (a) the start of the reporting period of the entity in which the determination is made; or (b) the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a). (3) The Regulator must give written notice of a determination under subsection (1) to the entity concerned. (4) To avoid doubt, a determination under subsection (1) that relates to an entity does not prevent the entity becoming a reporting entity again. Determination is not a legislative instrument (5) A determination under subsection (1) is not a legislative instrument.