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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:
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gross operating revenue is less than $25 million;
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gross assets at the end of the financial year are less than $12.5 million;
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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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