What is SME?
SME stands for 'Small (to) Medium Enterprise', a key classification in the Australian business environment.
SME Model - 'Business Types'
Docdownload's Australian SME Model is established to provide formal classification to the 'business types' that can operate in the Australian business environment. These business types include:
- C01 - Company ltd (listed)
- C02 - Company ltd (unlisted)
- C03 - Company pty ltd (large)
- C04 - Company pty ltd (small)
- C05 - Company limited by guarantee
- C06 - Disclosing entity
- C07 - Managed investment scheme
- C08 - Taxable association
- C09 - Taxable society
- C10 - Taxable club
- C11 - Taxable organization
- C12 - Cooperative ltd
- C13 - ASIC registered Australian body
- NFP1 - Unincorporated association
- NFP2 - Incorporated association
- P1 - Partnership
- P2 - Limited partnership
- S1 - Super fund (APRA regulated)
- S2 - Super fund (SMSF)
- IND1 - Individual contractor (also known as "sole trader")
- IND2 - Individual person
- COR - Strata title corporate body
- T01(D) - Testamentary trust
- T02(F) - Fixed trust
- T03(H) - Hybrid trust
- T04(T) - Discretionary trust (trading)
- T05(S) - Discretionary trust (service)
- T06(I) - Discretionary trust (investment)
- T07(C) - Cash management unit trust
- T08(PL) - Public unit trust (listed)
- T09(PU) - Public unit trust (unlisted)
- T10(F) - Fixed unit trust
Purpose
These names have been provided by the model to indicate a trading entity as understood generally in the Australian business environment.
Definition
It is not the role of the model to define these entities. They are defined by the bodies assigned legal responsibility for regulating them and can best be understood by research into these bodies. Many today have website access providing the public with clear definition. These bodies include the ATO, ASIC, APRA, IPA, other federal and state agencies, etc.
Advice on the best entity to be setting up
Key advisors to business who understand these entities are lawyers and accountants and proper understanding of their place in the life of an Australian business operator can probably best be obtained from them.