sch.24-sec.6Meaning of small business

### sch.24-sec.6 Meaning of small business A small business is a business— for which an entity holds an Australian Business Number; and in which are employed fewer than— 20 full-time employees; or if the business has employees other than full-time employees—20 equivalent full-time employees; and that is not operated by a public company. However, a small business does not include a body corporate under the Body Corporate and Community Management Act 1997 . For subsection (1) (b) , the number of equivalent full-time employees of a business is worked out using the formula— where— E means the number of equivalent full-time employees of the business. F means the number of full-time employees of the business. P means the total number of hours worked each week by employees other than full-time employees. In this section— full-time employee , of a business, means an individual who ordinarily works for at least 35 hours each week for the business. public company means a public company within the meaning of the Corporations Act , section 9 . sch 24 s 6 prev sch 24 s 6 ins 2013 SL No. 26 s 4 om 2014 SL No. 51 s 6 AIA s 20A applies (see s 8) pres sch 24 s 6 ins 2020 SL No. 29 s 13 (sch.24-sec.6-ssec.1) A small business is a business— for which an entity holds an Australian Business Number; and in which are employed fewer than— 20 full-time employees; or if the business has employees other than full-time employees—20 equivalent full-time employees; and that is not operated by a public company. (sch.24-sec.6-ssec.2) However, a small business does not include a body corporate under the Body Corporate and Community Management Act 1997 . (sch.24-sec.6-ssec.3) For subsection (1) (b) , the number of equivalent full-time employees of a business is worked out using the formula— where— E means the number of equivalent full-time employees of the business. F means the number of full-time employees of the business. P means the total number of hours worked each week by employees other than full-time employees. (sch.24-sec.6-ssec.4) In this section— full-time employee , of a business, means an individual who ordinarily works for at least 35 hours each week for the business. public company means a public company within the meaning of the Corporations Act , section 9 . - (a) for which an entity holds an Australian Business Number; and - (b) in which are employed fewer than— (i) 20 full-time employees; or (ii) if the business has employees other than full-time employees—20 equivalent full-time employees; and - (i) 20 full-time employees; or - (ii) if the business has employees other than full-time employees—20 equivalent full-time employees; and - (c) that is not operated by a public company. - (i) 20 full-time employees; or - (ii) if the business has employees other than full-time employees—20 equivalent full-time employees; and