Commonwealth Consolidated Acts

EXPORT MARKET DEVELOPMENT GRANTS ACT 1997 - SECT 53

             (1)  Expenses of an approved joint venture in respect of a grant year are excluded to the extent (if any) to which they were incurred by:

                     (a)  a member of the joint venture at a time when the member was not a resident of Australia; or

                     (b)  a member of the joint venture whose income for the grant year exceeds $30,000,000.

             (2)  Expenses of an approved joint venture are excluded to the extent (if any) to which they were incurred in breach of any condition to which its approval as a joint venture is subject.

Note:          For approved joint venture and income see section 107. For resident of Australia see section 114.