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Designated private company

According to Section 52ZZA of the VEA, a company is a designated private company at a particular time if the company:

  • satisfies at least 2 of the following conditions in relation to the financial year that ended immediately before that time:
  • gross operating revenue is less than $25 million;

  • gross assets at the end of the financial year are less than $12.5 million;

  • the company has fewer than 50 employees at the end of the financial year, or

  • the company came into existence after the end of the financial year that ended immediately preceding that time, or
  • the company is a declared private company (DPC) ,

and the company is not an excluded company.



Financial year, in relation to a company, means:

  • a period of 12 months beginning on 1 July, or
  • if some other period is the company's tax year that other period.



Commission may determine in writing that a company having been included in a specified class of companies is a declared private company for the purposes of section 52ZZA of the VEA and is therefore a DPC .



An excluded company is a company declared in writing by Commission to be excluded from the private trust and company provisions.

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