7Meaning of reporting entity

7 Meaning of reporting entity

(1) A constitutionally covered entity becomes a reporting entity at the start of a financial year for the entity if the entity is covered by subsection (2). (2) An entity is covered by this subsection if: (a) the entity: (i) carries on business in Australia; or (ii) is a company that is incorporated in Australia; or (iii) is a company that is not incorporated in Australia, but has either its central management and control in Australia, or its voting power controlled by shareholders who are residents of Australia; or (iv) is a corporate Commonwealth entity, or a Commonwealth company, within the meaning of the Public Governance, Performance and Accountability Act 2013; and (b) the entity’s consolidated revenue for the previous financial year is more than $100 million; and (c) the entity is not controlled by another entity that is a reporting entity; and (d) the entity is not registered under the Australian Charities and Not‑for‑profits Commission Act 2012. (3) If the Regulator determines under subsection 10B(1) that a constitutionally covered entity is a reporting entity, the entity becomes a reporting entity at the time the determination takes effect (unless the reporting entity is already a reporting entity at that time).

Note: An entity that a determination under subsection 10B(1) applies to is a volunteering entity (see the definition of volunteering entity in section 5).

(4) If the Regulator determines under subsection 10E(1) that a constitutionally covered entity is a subsidiary reporting entity, the entity becomes a reporting entity at the time the determination takes effect (unless the subsidiary reporting entity is already a reporting entity at that time). Ceasing to be a reporting entity (5) A reporting entity continues to be a reporting entity until: (a) if the entity is a volunteering entity—the determination under subsection 10B(1) that relates to the entity is revoked, or taken to be revoked, under subsection 10D(2), (3) or (7); or (b) if the entity is a subsidiary reporting entity—the determination under subsection 10E(1) that relates to the entity is revoked under section 10G; or (c) a notice under subsection 10H(2) (notice that entity has ceased to be a reporting entity) takes effect; or (d) the entity ceases to be a reporting entity under subsection 10K(2) (Regulator may determine that entity is to cease to be a reporting entity).