Textile, Clothing and Footwear Strategic Investment Program Scheme Amendment 2002 (No. 2)

Overview

The Textile, Clothing and Footwear Strategic Investment Program Scheme Amendment 2002 (No. 2) was enacted to amend the Textile, Clothing and Footwear Strategic Investment Program Scheme 1999. This legislative instrument was created under the authority of the Textile, Clothing and Footwear Strategic Investment Program Act 1999 by Ian Elgin MacFarlane, the Minister for Industry, Tourism and Resources, on 2 December 2002. The primary purpose of this amendment was to adjust specific dates within the program to ensure alignment with other policy timelines and to maintain the efficacy of the investment program. This legislative instrument was designed to address issues arising from the need to update the strategic investment program's schedule, thereby ensuring the program could continue to operate smoothly and effectively within the broader economic policy framework. The amendment was issued by the Minister and is intended to bring about a more coherent and timely implementation of the investment strategies outlined in the original Act.

Scope and Application

The Textile, Clothing and Footwear Strategic Investment Program Scheme Amendment 2002 (No. 2) amends the Textile, Clothing and Footwear Strategic Investment Program Scheme 1999, extending the scope and application of the original legislation enacted under the Textile, Clothing and Footwear Strategic Investment Program Act 1999. The primary purpose of this amendment is to adjust certain dates within the Scheme, impacting eligibility and application timelines for investments within the textile, clothing, and footwear industries. The Instrument applies to entities and individuals involved in the textile, clothing, and footwear sectors, particularly those seeking to benefit from strategic investment programs designed to support and enhance the competitiveness and innovation within these industries. The amendment's reach is limited to the Commonwealth jurisdiction, affecting entities operating within Australia. The changes do not introduce any new exclusions, exemptions, or thresholds beyond those already stipulated in the original Scheme, but they do modify specific dates that govern the eligibility and application periods for the strategic investments. The application of the amended Scheme can further be detailed or refined through subordinate instruments, which may provide additional clarifications or implementation guidelines.

Key Provisions

The Textile, Clothing and Footwear Strategic Investment Program Scheme Amendment 2002 (No. 2) makes specific adjustments to the Textile, Clothing and Footwear Strategic Investment Program Scheme 1999. The key operative sections involve changes to the dates for the cessation of certain investment projects and adjustments to the maximum investment limits under the Scheme (Schedule 1, subparagraphs 51G(1)(c)(i) and 51G(1)(c)(ii), and paragraph 51H(1)(b)). Furthermore, the maximum investment limit under Subsection 69(8) is amended from 75 to 85B (Schedule 1, subsection 69(8)). These changes are intended to refine the criteria and timing for investments in the textile, clothing, and footwear industries. The obligations and requirements imposed by this amendment on parties or entities governed by the Act are primarily centred on adhering to the revised dates and investment limits set forth in the Schedule. Specifically, entities must ensure that any investment projects align with the new cessation dates of 1 April 2003 and 1 April 2004, as opposed to the previously stipulated dates of 1 July 2003 and 1 July 2004. Additionally, the amendment mandates that investment projects must now comply with the updated maximum investment limit of 85B, as outlined in Subsection 69(8), replacing the former limit of 75. These changes necessitate that all entities reassess their investment strategies and timelines to ensure compliance with the amended Scheme. In terms of consequences for non-compliance, the Act does not explicitly detail specific offences, penalties, or civil/criminal consequences within the text provided. However, failure to adhere to the amended dates and investment limits could result in non-compliance with the Scheme, potentially leading to the disallowance of investment projects or other administrative actions. While the exact penalties or consequences are not specified within the excerpt, it is prudent for entities to ensure strict compliance to avoid any adverse outcomes under the Textile, Clothing and Footwear Strategic Investment Program Scheme.