Commonwealth Consolidated Acts

INDUSTRIAL RESEARCH AND DEVELOPMENT INCENTIVES ACT 1976 - SECT 23

             (1)  Grants of financial assistance to eligible companies in respect of expenditure on industrial research and development shall be made as authorized by the Board in accordance with subsection (2).

             (2)  Where:

                     (a)  an eligible company applies for a grant under this Division in respect of eligible expenditure of the company in respect of a grant year;

                     (b)  the Board is satisfied that the company is carrying on, or will carry on in that grant year or within a reasonable period after the end of that grant year, the manufacture of goods, mining operations or construction operations in Australia; and

                     (c)  the Board is satisfied as to all other matters relevant to the eligibility of the company for the grant;

the Board shall, subject to this Act and to any relevant directions of the Minister under section 19, authorize payment to the company of a grant of financial assistance of an amount equal to:

                     (d)  in the case of the grant year commencing on 1 July 1976-- whichever is the lesser of an amount equal to 25 per centum of the eligible expenditure of the company in respect of the grant year or $15,000;

                     (e)  in the case of any of the next 4 succeeding grant years-- whichever is the lesser of the following amounts:

                              (i)  an amount equal to such percentage of the eligible expenditure of the company in respect of the grant year as is prescribed in relation to that grant year, being a percentage that does not exceed 50 per centum;

                             (ii)  such amount as is prescribed in relation to that grant year, being an amount that does not exceed $25,000;

                      (f)  in the case of the grant year commencing on 1 July 1981-- whichever is the lesser of an amount equal to 50 per centum of the eligible expenditure of the company in respect of the grant year or $40,000; or

                     (g)  in the case of any other grant year-- whichever is the lesser of the following amounts:

                              (i)  an amount equal to such percentage of the eligible expenditure of the company in respect of the grant year as is prescribed in relation to that grant year, being a percentage that does not exceed 50 per centum;

                             (ii)  such amount as is prescribed in relation to that grant year, being an amount that does not exceed $40,000.

          (2A)  A grant is not payable under this section to a company in respect of eligible expenditure of the company in respect of the grant year that commenced on 1 July 1978, or any succeeding grant year, unless the eligible expenditure of the company in respect of that grant year consists of, or includes, one of the following amounts:

                     (a)  an amount of eligible contract expenditure that exceeds:

                              (i)  in the case of the grant year that commenced on 1 July 1978 or any of the next 2 succeeding grant years--$1,500; or

                             (ii)  in the case of the grant year commencing on 1 July 1981 or any succeeding grant year--$2,000;

                     (b)  any amount of eligible salary expenditure.

             (3)  Regulations made for the purposes of subparagraph (2)(e)(i) or (ii) in relation to a grant year shall not be made after 31 March in the immediately preceding grant year.