TEXTILE, CLOTHING AND FOOTWEAR STRATEGIC INVESTMENT PROGRAM ACT 1999 - SECT 14 Cap for grants in respect of TCF value-adding

Commonwealth Numbered Acts

Cap for grants in respect of TCF value-adding

(1): This section sets out a policy objective for the TCF (SIP) scheme.
(2): The objective is that the total grants in respect of TCF value-adding that are made to an entity in respect of activities that, under the scheme, are taken to be eligible activities carried on by the entity during a particular income year of the entity must not exceed whichever is the lesser of:

(a): 5% of the amount that, under the scheme, is taken to be the total eligible TCF value added by the entity during that income year; and
(b): the sum of:

(i): the total grants in respect of new TCF plant/building expenditure made to the entity in respect of amounts that, under the scheme, are taken to be eligible expenditure incurred by the entity during that income year; and
(ii): the total grants in respect of TCF research and development expenditure made to the entity in respect of amounts that, under the scheme, are taken to be eligible expenditure incurred by the entity during that income year; and
(iii): the total special grants in respect of second-hand TCF plant expenditure made to the entity in respect of amounts that, under the scheme, are taken to be eligible expenditure incurred by the entity during that income year.

AustLII: Copyright Policy | Disclaimers | Privacy Policy | Feedback