PAYMENT OF FINANCIAL ASSISTANCE
PART 8 —PAYMENT OF FINANCIAL ASSISTANCE
Authorisation of payment of financial assistance
- The Board may authorise payments for eligible expenditure under the Biotechnology Innovation Fund to be made in:
(a) the financial year commencing on 1 July 2001; and
(b) each following financial year for which the Biotechnology Innovation Fund receives an appropriation.
Maximum financial assistance based on eligible expenditure
- (1) The total amount of financial assistance for a project must not exceed:
(a) $250,000 or 50% of the eligible expenditure for the project, which ever is the lesser; and
(b) any further amount payable to the applicant to reimburse the applicant for GST payable by the applicant on supplies made to the Commonwealth under the grant agreement (such further amount not to exceed the amount of GST paid by the applicant).
(2) The Board must not grant financial assistance to an applicant for an amount greater than the amount sought in the applicant’s application, but the Board may grant a lesser amount.
PART 9 — OTHER REQUIREMENTS IN RELATION TO FINANCIAL ASSISTANCE
Time limits on projects receiving financial assistance
- (1) The period of a project for which financial assistance may be provided must not be more than 18 months.
(2) However, the Board may extend the period within which a project which receives financial assistance must be completed to a maximum of 2 years if the Board reasonably considers that the objectives of the project would be advanced significantly by the extension.
(3) For the purposes of subclauses (1) and (2), the Board may determine that the period of a project excludes any time during which work on the project has been suspended if:
(a) the total time excluded:
(i) would not be longer than the total time during which work on the project has been suspended continuously for at least 30 days; and
(ii) would not be longer than 1 year, and
(b) the determination would significantly advance the objectives of the project.
PART 10 — MONITORING AND EVALUATING PROJECTS
Monitoring and evaluating
- The Board must:
(a) ensure that projects for which financial assistance is granted are monitored to obtain relevant information for evaluation; and
(b) at the request of the Minister, facilitate and cooperate with independent evaluation of the Biotechnology Innovation Fund.
PART 11 — REVOCATION OF EARLIER DIRECTIONS
Revocation of directions
- Subject to clause 25 and clause 26, the Biotechnology Innovation Fund Directions No 1 of 2001 are revoked.
PART 12 — TRANSITIONAL PROVISIONS
Transitional provision — certain grants of financial assistance
- The Biotechnology Innovation Fund Directions No 1 of 2001, as in force immediately before the commencement of these directions, continue to apply in relation to financial assistance provided under the revoked directions.
Transitional provision — certain applications for financial assistance
- (1) This clause 26 applies to an application, for financial assistance made under the Biotechnology Innovation Fund Directions No 1 of 2001 but not considered by the Board before those directions were revoked.
(2) The Board must consider an application referred to in subclause 26(1) as if the Biotechnology Innovation Fund Directions No 1 of 2001 continued to apply.
(3) The Board may grant an application referred to in subclause 26(1) as if the Biotechnology Innovation Fund Directions No 1 of 2001 continued to apply.
(4) If an application referred to subclause 26(1) is granted, the Biotechnology Innovation Fund Directions No 1 of 2001 continue to apply in relation to the financial assistance to which the application relates.
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