Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Regulator may determine, in writing, that a reporting entity is to cease to be a reporting entity at the time specified under subsection (2), if:
(a) the entity is not:
(i) a volunteering entity; or
(ii) a subsidiary reporting entity; and
(b) the Regulator is satisfied that:
(i) the entity has ceased to exist; or
(ii) paragraph 7(2)(a) does not apply to the entity; or
(iii) the entity's consolidated revenue for each of the 2 most recent financial years was not more than $100 million; or
(iv) the entity is controlled by another entity that is a reporting entity; or
(v) the entity is registered under the Australian Charities and Not - for - profits Commission Act 2012 ; or
(vi) a circumstance prescribed by the rules applies.
Note: A decision to determine that a reporting entity is to cease to be a reporting entity is reviewable: see section 51.
(2) If the Regulator makes a determination under subsection (1) in relation to an entity, the entity ceases to be a reporting entity at the time specified in the determination, which must be either:
(a) the start of the reporting period of the entity in which the determination is made; or
(b) the start of the reporting period of the entity that follows the reporting period mentioned in paragraph (a).
(3) The Regulator must give written notice of a determination under subsection (1) to the entity concerned.
(4) To avoid doubt, a determination under subsection (1) that relates to an entity does not prevent the entity becoming a reporting entity again.
Determination is not a legislative instrument
(5) A determination under subsection (1) is not a legislative instrument.