Unless you are a “Professional Investor” (outlined below) investments of less than $500,000 require a certificate from a qualified accountant that certifies that the investor (being the applicant) has net assets of at least $2.5million or a gross income for the last two financial years of at least $250,000 per year. Note that the assets and income test applies to the entity that is the investor or applicant on the application form, whether that is an individual, company etc. Therefore, if you invest in the name of a company then that company must meet the assets or income test. No certificate is required for investments of $500,000 or more.

In order to be a wholesale or a professional investor in accordance with the Corporations Act you need to meet one or more of the following criteria: -

•	The price for the provision of the financial product, or the value of the financial product to which the financial service relates, equals or exceeds the amount specified in regulations made for this purpose, (currently the Corporations Act regulations specifies $500,000);
•	The financial product, or the financial service, is provided for use in connection with a business that is not a "small business" (non-manufacturers employing less than 20 people and manufacturers employing less than 100 people);
•	The financial product, or the financial service, is not provided for use in connection with a business, and the person who acquires the product or service gives the provider of the product or service, before the provision of the product or service, a copy of a certificate given within the preceding six months by a qualified accountant that states that the person: - - Has net assets of at least $2.5 million; or - Has a gross income for each of the last two financial years of at least $250,000 per year;
•	The person is a financial services licensee;
•	The person is a body regulated by APRA, other than a trustee of a fund or trust referred to in any of subparagraphs IV (i) to IV (iv);
•	The person is a body registered under the Financial Corporations Act 1974;
•	The person is the trustee of: - - A superannuation fund; or - An approved deposit fund; or - A pooled superannuation trust; or - A public sector superannuation scheme; within the meaning of the Superannuation Industry (Supervision) Act 1993    and the fund, trust or scheme has net assets of at least $10 million;
•	The person controls at least $10 million (including any amount held by an associate or under a trust that the person manages);
•	The person is a listed entity, or a related body corporate of a listed entity;
•	The person is an exempt public authority;
•	The person is a body corporate, or an unincorporated body, that: - Carries on a business of investment in financial products, interests in land or other investments; and - For those purposes, invests funds received (directly or indirectly) following an offer or invitation to the public,   within the meaning of section 82, the terms of which provided for the funds subscribed to be invested for those purposes; or

The person is a foreign entity that, if established or incorporated in Australia, would be covered by one of the preceding paragraphs.