sch.41-sec.6Meaning of medium-size business

### sch.41-sec.6 Meaning of medium-size business A medium-size business is a business— that is carried on by a sole trader, partnership, proprietary company or trust; and for which an entity holds an Australian Business Number; and that is registered for GST; and that employs fewer than— 250 full-time employees; or if the business has employees other than full-time employees—250 equivalent full-time employees; and that is not operated by a public company within the meaning of the Corporations Act . For subsection (1) (d) (ii) , 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 at least 35 hours each week for the business. sch 41 s 6 ins 2022 SL No. 54 s 4 (sch.41-sec.6-ssec.1) A medium-size business is a business— that is carried on by a sole trader, partnership, proprietary company or trust; and for which an entity holds an Australian Business Number; and that is registered for GST; and that employs fewer than— 250 full-time employees; or if the business has employees other than full-time employees—250 equivalent full-time employees; and that is not operated by a public company within the meaning of the Corporations Act . (sch.41-sec.6-ssec.2) For subsection (1) (d) (ii) , 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.41-sec.6-ssec.3) In this section— full-time employee , of a business, means an individual who ordinarily works at least 35 hours each week for the business. - (a) that is carried on by a sole trader, partnership, proprietary company or trust; and - (b) for which an entity holds an Australian Business Number; and - (c) that is registered for GST; and - (d) that employs fewer than— (i) 250 full-time employees; or (ii) if the business has employees other than full-time employees—250 equivalent full-time employees; and - (i) 250 full-time employees; or - (ii) if the business has employees other than full-time employees—250 equivalent full-time employees; and - (e) that is not operated by a public company within the meaning of the Corporations Act . - (i) 250 full-time employees; or - (ii) if the business has employees other than full-time employees—250 equivalent full-time employees; and