A company qualifies as a small company if:

(a) it is a private company in the financial year in question; and
(b) it meets at least 2 of 3 following criteria for immediate past two consecutive financial years:
i. total annual revenue ≤ $10m;
ii. total assets ≤ $10m;
iii. no. of employees ≤ 50.

For a company which is part of a group:

(a) the company must qualify as a small company; and
(b) entire group must be a “small group” to qualify to the audit exemption.

For a group to be a small group:

It must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.

Where a company has qualified as a small company:

It must meet at least 2 of the 3 quantitative criteria on a consolidated basis for the immediate past two consecutive financial years.

Where a group has qualified as a small group:

It continues to be a small group for subsequent financial years until it does not meet at least 2 of the 3 the quantitative criteria for the immediate past two consecutive financial years.