sch.7-sec.5Meaning of small business

### sch.7-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 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 ; or a business mentioned in section 3 , definition primary production enterprise , paragraph (a) . 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 . sch 7 s 5 prev sch 7 s 5 om 2014 SL No. 51 s 6 pres sch 7 s 5 ins 2014 SL No. 169 s 5 amd 2018 SL No. 172 s 20 ; 2025 SL No. 120 s 9 (sch.7-sec.5-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.7-sec.5-ssec.2) However, a small business does not include— a body corporate under the Body Corporate and Community Management Act 1997 ; or a business mentioned in section 3 , definition primary production enterprise , paragraph (a) . (sch.7-sec.5-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.7-sec.5-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 . - (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 - (a) a body corporate under the Body Corporate and Community Management Act 1997 ; or - (b) a business mentioned in section 3 , definition primary production enterprise , paragraph (a) .