Commonwealth Consolidated Acts

INDUSTRIAL RESEARCH AND DEVELOPMENT INCENTIVES ACT 1976 - SECT 25

             (1)  In this section, grant year means a year that is a grant year for the purposes of the previous Act or a grant year for the purposes of this Act, as the case requires.

             (2)  An eligible company is not entitled to a commencement grant in respect of any grant year subsequent to the fourth consecutive grant year after the grant year in respect of which it first applies for a commencement grant.

             (3)  An eligible company is not entitled to a commencement grant in respect of the first grant year in respect of which it applies for a commencement grant if the sum of:

                     (a)  the number of grants of financial assistance (if any) received by the eligible company under the previous Act;

                     (b)  the number of grants of financial assistance (if any) received under the previous Act by any company that, by virtue of section 5, is deemed to be, or to have been, related to the eligible company at any time during the grant year; and

                     (c)  the number of commencement grants (if any) to which any company that, by virtue of section 5, is deemed to be, or to have been, related to the eligible company at any time during the grant year has become or, in the opinion of the Board, will become entitled;

is or exceeds 5.

             (4)  An eligible company is not entitled to a commencement grant in respect of a grant year (in this subsection referred to as the current grant year ) subsequent to the first grant year in respect of which it applied for a commencement grant if the sum of:

                     (a)  the number of grants of financial assistance (if any) received by the eligible company under the previous Act;

                     (b)  the number of grants of financial assistance (if any) received under the previous Act by any company that, by virtue of section 5, is deemed to be, or to have been, related to the eligible company at any time during the current grant year;

                     (c)  the number of commencement grants (if any) to which any company that, by virtue of section 5, is deemed to be, or to have been, related to the eligible company at any time during the current grant year has become or, in the opinion of the Board, will become entitled; and

                     (d)  the number of grant years from and including the first grant year in respect of which the eligible company applied for a commencement grant (but not including the current grant year);

is or exceeds 5.

             (5)  A reference in this section to a grant received by a company that, by virtue of section 5, is deemed to be, or to have been, related to an eligible company at any time during a grant year is a reference to a grant received by such a company in respect of any grant year, whether or not the company was or would have been deemed, by virtue of section 5, to have been related to the eligible company at any time during that last‑mentioned grant year.