41Applicant to notify of changes

41 Applicant to notify of changes

(1)  In this section –

change in transaction value, in respect of an eligible transaction, means a difference between –

(a) the transaction value of the transaction calculated, under section 9 , for the purposes of determining an application in respect of the transaction under this Act; and

(b) the transaction value of the transaction calculated, under section 9 , on completion of the transaction.

(2)  Within 14 days after becoming aware of a change in transaction value of an eligible transaction, a person must notify the Commissioner of the change if –

(a) the person applied for a grant under this Act in respect of the eligible transaction; and

(b) a grant is paid, or payable, under this Act in respect of the application.

Penalty:  Fine not exceeding 100 penalty units.

(3)  Subsection (2) does not apply in respect of an eligible transaction if the transaction value of the transaction, calculated under section 9 , on completion of the transaction –

(a) does not exceed $750 000; and

(b) if the eligible transaction is a contract referred to in section 18(2)(b) , remains greater than $150 000.

(4)  The Commissioner may require a grant paid under this Act in respect of an eligible transaction to be repaid, in accordance with section 45 , if the Commissioner –

(a) is notified under subsection (1) , or otherwise becomes aware, of a change in transaction value of the eligible transaction; and

(b) is satisfied that the grant would not have been paid in respect of an eligible transaction if the transaction value of the transaction, calculated under section 9 on completion of the transaction, had been used to determine the application for the grant.