EXPLANATORY STATEMENT
AMENDMENT OF INDUSTRIAL RESEARCH AND DEVELOPMENT INCENTIVES REGULATIONS
STATUTORY RULES 1982 No. 314
These Statutory Rules will amend the Industrial Research and Development Incentives Regulations by prescribing in accordance with Section 23 of the Industrial Research and Development Incentives Act 1976 (the Act) the level of financial assistance payable as Commencement Grants in relation to the grant year that commenced on 1 July 1982.
Commencement Grants are provided under Division 1 of Part III of the Act to encourage eligible companies to become involved in industrial research and development. Sub-pargraphs 23(2)(g) (i) and (ii) of the Act provide that in respect of any grant year beyond 1981/82 the level of Commencement Grants shall be an amount equal to 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.
The Statutory Rules provide for the payment of Commencement Grants in respect of the grant year that commenced on 1 July 1982 of an amount equal to the lesser of an amount equal to 50 per cent of the eligible expenditure of the company in that grant year, or $40 000.