Commonwealth Consolidated Acts

INDUSTRIAL RESEARCH AND DEVELOPMENT INCENTIVES ACT 1976 - SECT 24

             (1)  In this section, previous grant , in relation to a company in respect of a grant year, means:

                     (a)  a grant of financial assistance to which the company has become, or, in the opinion of the Board, will become, entitled under the previous Act; or

                     (b)  a commencement grant to which the company has become, or, in the opinion of the Board, will become, entitled under this Act in respect of a grant year earlier than that first‑mentioned grant year.

             (2)  Where:

                     (a)  an eligible company applies for a commencement grant in respect of a grant year; and

                     (b)  the aggregate of previous grants to the eligible company and companies that, by virtue of section 5, are deemed to be related to that company at any time during that grant year is not less than the prescribed amount in relation to that grant year;

the eligible company is not entitled to a commencement grant in respect of that grant year.

             (3)  Where:

                     (a)  an eligible company applies for a commencement grant in respect of a grant year;

                     (b)  the aggregate of previous grants to the company and companies that, by virtue of section 5, are deemed to be related to that company at any time during that grant year is less than the prescribed amount in relation to that grant year; and

                     (c)  the sum of the aggregate of those previous grants and of any commencement grants to which the eligible company and those related companies would, but for this subsection, be entitled in respect of that grant year is an amount that exceeds the prescribed amount in relation to that grant year;

then:

                     (d)  if there are no companies that, by virtue of section 5, are deemed to be related to the eligible company at any time during that grant year--the commencement grant to which the eligible company would, but for this subsection, be entitled in respect of that grant year shall be reduced by the amount of the excess; and

                     (e)  if there are companies that, by virtue of section 5, are deemed to be related to the eligible company at any time during that grant year and which, but for this subsection, would be entitled to commencement grants in respect of that grant year--the commencement grant to which the eligible company and each of those related companies would, but for this subsection, be entitled in respect of that grant year shall be reduced by such respective amounts as the Board determines, being amounts the sum of which is equal to that excess.

             (4)  In this section, prescribed amount , in relation to a grant year, means:

                     (a)  in the case of the grant year that commenced on 1 July 1980 or any preceding grant year--$125,000; or

                     (b)  in the case of any other grant year--$200,000.