Bounty (Ships) Act 1989
10Rate of bounty
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10 Rate of bounty
Eligible costs bounty (1) Eligible costs bounty in respect of the construction or modification of a bountiable vessel that is completed before 31 December 2003 is an amount equal to such amounts set out below as is, or to the sum of such amounts set out below as are, appropriate: (a) in respect of any eligible costs incurred, or taken, by virtue of subsection 8(4), to have been incurred, between 1 July 1989 and 30 June 1991, inclusive—the product of 1.2 15% the amount of the costs so incurred or taken to have been so incurred; (b) in respect of any eligible costs incurred between 1 July 1991 and 30 June 1993, inclusive—the product of 1.2 10% the amount of the costs so incurred; (c) in respect of any eligible costs incurred between 1 July 1993 and 30 June 1994, inclusive—the product of 1.2 9% the amount of the costs so incurred; (d) in respect of any eligible costs incurred between 1 July 1994 and 30 June 1995, inclusive—the product of 1.2 8% the amount of the costs so incurred; (e) in respect of any eligible costs incurred between 1 July 1995 and 30 June 1996, inclusive—the product of 1.2 7% the amount of the costs so incurred; (f) in respect of any eligible costs incurred between 1 July 1996 and 30 June 1999, inclusive—the product of 1.2 5% the amount of the costs so incurred: (g) in respect of any eligible costs incurred between 1 July 1999 and 31 December 2000, inclusive—the product of:
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(h) in respect of any eligible costs incurred between 1 January 2001 and 31 December 2003, inclusive—the lesser of the following amounts:
(i) the product of:
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(ii) the product of:
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Note: For forecast eligible costs see subsection 4(1).
Eligible research and development expenditure bounty (2) Eligible research and development expenditure bounty in respect of the construction or modification of a vessel that is completed before 1 July 2004 is an amount equal to the lesser of the following amounts: (a) the shipbuilder’s adjusted eligible research and development expenditure; (b) the product of:
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(3) A shipbuilder’s adjusted eligible research and development expenditure is worked out using the following formula:
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where:
bounty already paid is the amount of eligible research and development expenditure bounty that has been paid to the shipbuilder.