Partnership Guarantor A Guarantor of a Loan who is a partner of a partnership, and that partner is to be a debtor for the Loan. Recurring Payments The regular payments from credit or debit cards. This is where you have given your credit or debit card details (card number, expiry date and security code) to allow a Merchant or service provider to charge your credit or debit card regularly to pay for the services they provide you. Related Entity As defined in section 9 of the Corporations Act. Security Includes, without limitation, mortgage of and a security interest within the meaning of the Personal Property Securities Act 2009 (Cth). Small Business What is a “Small Business”? A Business customer is a “Small Business” if at the time it obtains the Banking Service it satisfies the Small Business test below. If the customer is part of a Business Group (as defined below), then this test is applied to the Business Group. Where two or more customers obtain a Business Banking Service jointly (such as joint borrowers or joint account holders), the customers are assessed jointly under the below “Small Business” test, together with each other entity that would form part of any of the customers’ Business Group. The “Small Business” test A Business customer is a “Small Business” if the customer, or its Business Group (if applicable): (a) had an annual turnover of less than $10 million in the previous financial year; and (b) has fewer than 100 full-time equivalent employees; and (c) has less than $5 million total debt to all credit providers (other than debt to which the National Credit Code applies, and without double counting, debt owed between members of a Business Group) including: i) any undrawn amounts under existing Loans; and ii) any Loan being applied for. Businesses that are never “Small Businesses” Despite anything above, a Business customer is not a “Small Business” if it is: (a) listed on an Australian or overseas stock exchange; (b) a partnership or joint venture with more than 20 partners or venturers; (c) a government entity; (d) an Australian Prudential Regulation Authority (APRA) regulated entity; (e) an Australian Financial Services Licensee that is authorised under its licence to operate registered managed investment schemes as a responsible entity, to provide custodial and depository services, or to operate a corporate collective investment vehicle; (f) a corporate collective investment vehicle; or (g) a member of a Business Group that includes any of the above. 40 | ausbanking.org.au
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