Figure 1 shows some of the definitions of a used in ‘small business’ Commonwealth legislation. Figure 1: Statutory definitions of small business in Commonwealth legislation Application to small Test of whether an entity Act and section businesses is a small business Australian Securities and Deems small businesses to That the business employs Investments Commission Act be consumers for the less than 20 employees or, if 2001, section 12BC purposes of Part 2, Division the business is a 2 of the Act, which deals with manufacturing business, the certain consumer protections business employs less than in relation to financial 100 employees services Australian Securities and Provides that a standard That the business employs Investments Commission Act form contract in relation to less than 20 employees, and 2001, section 12BF financial products and the upfront price payable services where one party is under the contract does not a small business will be void exceed $300,000, or if the if it meets the test for being contract has a duration of more than 12 months, the ‘unfair’ upfront price payable under the contract does not exceed $1,000,000 Figure 1: Statutory definitions of small business in Commonwealth legislation (continued) Application to small Test of whether an entity Act and section businesses is a small business Provides protections against That the business employs Competition and Consumer Act, Schedule 2, section 23 unfair contracts to small less than 20 employees and businesses in relation to the upfront price payable goods and services, and under the contract does not interests in land exceed $300,000, or if the contract has a duration of more than 12 months, the upfront price payable under the contract does not exceed $1,000,000 Corporations Act 2001, Deems small businesses to That the business employs
Figure 1 shows some of the definitions of a ‘small business’ used in Commonwealth legislation. Figure 1: Statutory definitions of small business in Commonwealth legislation Act and section Application to small businesses Test of whether an entity is a small business Australian Securities and Investments Commission Act 2001, section 12BC Deems small businesses to be consumers for the purposes of Part 2, Division 2 of the Act, which deals with certain consumer protections in relation to financial services That the business employs less than 20 employees or, if the business is a manufacturing business, the business employs less than 100 employees Australian Securities and Investments Commission Act 2001, section 12BF Provides that a standard form contract in relation to financial products and services where one party is a small business will be void if it meets the test for being ‘unfair’ That the business employs less than 20 employees, and the upfront price payable under the contract does not exceed $300,000, or if the contract has a duration of more than 12 months, the upfront price payable under the contract does not exceed $1,000,000 Figure 1: Statutory definitions of small business in Commonwealth legislation (continued) Act and section Application to small businesses Test of whether an entity is a small business Competition and Consumer Act, Schedule 2, section 23 Provides protections against unfair contracts to small businesses in relation to goods and services, and interests in land That the business employs less than 20 employees and the upfront price payable under the contract does not exceed $300,000, or if the contract has a duration of more than 12 months, the upfront price payable under the contract does not exceed $1,000,000 Corporations Act 2001, Deems small businesses to That the business employs
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