sch.29-sec.5Meaning of small business

### sch.29-sec.5 Meaning of small business A small business is a business— for which an entity holds an Australian Business Number; and in which are employed no more than— 100 full-time employees; or if the business has part-time employees—100 equivalent full-time employees; and that is not operated by a public company. For subsection (1) (b) , the number of equivalent full-time employees of a small 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 small business, means an employee who ordinarily works for at least 35 hours each week for the entity. part-time employee , of a small business, means an employee, other than a full-time employee. public company means a public company within the meaning of the Corporations Act , section 9 . sch 29 s 5 prev sch 29 s 5 ins 2016 SL No. 125 s 5 om 2019 SL No. 71 s 59 sch 1 pres sch 29 s 5 ins 2020 SL No. 198 s 4 (sch.29-sec.5-ssec.1) A small business is a business— for which an entity holds an Australian Business Number; and in which are employed no more than— 100 full-time employees; or if the business has part-time employees—100 equivalent full-time employees; and that is not operated by a public company. (sch.29-sec.5-ssec.2) For subsection (1) (b) , the number of equivalent full-time employees of a small 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.29-sec.5-ssec.3) In this section— full-time employee , of a small business, means an employee who ordinarily works for at least 35 hours each week for the entity. part-time employee , of a small business, means an employee, other than a full-time employee. 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 no more than— (i) 100 full-time employees; or (ii) if the business has part-time employees—100 equivalent full-time employees; and - (i) 100 full-time employees; or - (ii) if the business has part-time employees—100 equivalent full-time employees; and - (c) that is not operated by a public company. - (i) 100 full-time employees; or - (ii) if the business has part-time employees—100 equivalent full-time employees; and