Division (c) in the case of Start Premium financi - R & D Start Program Directions No. 1 of 2002 - (c) in the case of Start Premium financial assistance - the aggregate of 56.25% of the eligible expenditure for the project, and 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); provided that the maximum percentage of eligible expenditure that Start Premium financial assistance may fund when provided with Core Start financial assistance shall be 6.25% and the maximum percentage of eligible expenditure that Start Premium financial assistance may fund when provided with Start Plus financial assistance shall be 36.25%. | Zoe
(c) in the case of Start Premium financi(c) in the case of Start Premium financial assistance - the aggregate of 56.25% of the eligible expenditure for the project, and 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); provided that the maximum percentage of eligible expenditure that Start Premium financial assistance may fund when provided with Core Start financial assistance shall be 6.25% and the maximum percentage of eligible expenditure that Start Premium financial assistance may fund when provided with Start Plus financial assistance shall be 36.25%.
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(c) in the case of Start Premium financial assistance - the aggregate of 56.25% of the eligible expenditure for the project, and 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); provided that the maximum percentage of eligible expenditure that Start Premium financial assistance may fund when provided with Core Start financial assistance shall be 6.25% and the maximum percentage of eligible expenditure that Start Premium financial assistance may fund when provided with Start Plus financial assistance shall be 36.25%.
(2) The total loan amount for a project must not exceed 50% of the eligible expenditure for the project.
PART 9 — OTHER REQUIREMENTS IN RELATION TO FINANCIAL ASSISTANCE AND LOANS
Minimum Start Premium financial assistance
The amount of Start Premium financial assistance for a project must be at least $60,000.
Maximum Start Graduate financial assistance
The amount of Start Graduate financial assistance for a project must not exceed $100,000.
Maximum financial assistance and loans for projects and linked projects
(1) Financial assistance and loans provided after 18 December 1996 for a single project, or the total financial assistance and loans provided after that date for a number of linked projects, (including any financial assistance and loans provided under the R&D Start Program as conducted under the revoked directions) must not exceed $15,000,000.
(2) In determining the maximum amount of financial assistance for a project, or a number of linked projects, the Board must disregard an amount of financial assistance or a loan for the project that has been repaid to the Commonwealth.
Time limits on Projects receiving financial assistance and loans
(1) Except in the case of Start Graduate financial assistance, the period of a project for which financial assistance may be provided shall not be more than 3 years.
(2) The period of a project for which Start Graduate financial assistance may be provided shall not be more than 2 years.
(3) However, except in the case Start Graduate financial assistance, the Board may extend the period within which a project which receives financial assistance must be completed to a maximum of 5 years if the Board reasonably considers that the objectives of the project would be advanced significantly by the extension.
(4) For the purposes of subclauses (1), (2) and (3), 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.
(5) A loan must be fully paid by the Board within 3 years of the day on which the agreement for the loan was made (the issue date of the agreement).
Interest charged on Start Premium financial assistance
The maximum interest rate which will be applicable to the balance of repayable Start Premium financial assistance will be 1.5 times the indexed rate set out in Table F5 (Indicator Lending Rates) published monthly in the Reserve Bank of Australia Bulletin or in a similar commercial borrowing rate index current at the time when the agreement for the Start Premium financial assistance was entered into.
Interest charged on loans
(1) This clause applies subject to clause 28.
(2) A loan must be repaid, and interest on the loan must be paid, to the Commonwealth within 6 years of the day on which the agreement for the loan was made.
(3) Interest on the balance of a loan:
(a) must be charged at the rate of 40% of the Commonwealth Bank Loan Index Rate, or such other rate as the Board may decide;
(b) is fixed for the term of the loan; and
(c) accrues daily from the end of 36 months after the date of the agreement.
(4) Unless repaid sooner, loan repayments must be made in 6 equal instalments in accordance with subclauses (5), (6) and (7).
(5) The first repayment must be made no later than 42 months after the date of the agreement.
(6) The second repayment must be made no later than 6 months after the day on which the first repayment was due to be made.
(7) Succeeding repayments must be made no later than at 6 monthly intervals after the day on which the second repayment was due to be made.
(8) Interest payments must be made at the same time as the loan repayments to which they relate.
Board may make other arrangements for loan repayments etc
The Board may make provisions for the repayment of a loan, and payment of the interest for the loan, that are not the same as the provisions of clause 27.
Board may waive certain repayments and payments
The Board may waive repayment of the amount, or part of the amount, of Start Premium financial assistance, or of interest in relation to that financial assistance, for a project if the Board reasonably considers that it would be appropriate to do so, after taking into account the financial or other benefits gained, or likely to be gained, as a result of the project by the person, or persons, to whom the assistance was provided.
PART 10 — MONITORING AND EVALUATING PROJECTS
Monitoring and evaluating
The Board must:
(a) ensure that projects under the R&D Start Program are monitored to obtain relevant information for evaluation; and
(b) at the request of the Minister, facilitate and cooperate with independent evaluation of the R&D Start Program.
PART 11 — VARIATION OF DECISIONS
Power to vary decisions
(1) The Board may, on the request of an applicant, vary a decision described in subclause (4) as if the directions under which the decision was made continue to apply as in force at the time of the decision.
(2) The Board must not vary a decision unless the variation would:
(a) significantly advance the objectives of the project;
(b) be consistent with the policy objectives set out in clause 5 and any relevant policies of the Board; and
(c) be appropriate in all the circumstances.
(3) The varied decision is taken to have had effect from the time the Board decides to vary the decision unless the Board determines otherwise.
(4) This clause applies to a decision of the Board to grant financial assistance, a loan or any other payment under these directions or any of the revoked directions.
PART 12 — REVOCATION OF EARLIER DIRECTIONS
Revocation of directions
Subject to clause 33 and clause 34, the R & D Start Program Directions No 1 of 2000 are revoked.
PART 13 — TRANSITIONAL PROVISIONS
Transitional provision — certain grants of financial assistance and loans
The R&D Start Program Directions No. 1 of 2000, as in force immediately before the commencement of these directions, continue to apply in relation to financial assistance, a loan or any other payment provided under any of the revoked directions.
Transitional provision — certain applications for financial assistance and loans
(1) This clause 34 applies to an application, for financial assistance, a loan or any other payment, made under the R&D Start Program Directions No. 1 of 2000 but not considered by the Board before those directions were revoked.
(2) The Board must consider an application referred to in subclause 34(1) as if the R&D Start Program Directions No. 1 of 2000 continued to apply.
(3) The Board may grant an application referred to in subclause 34(1) as if the R&D Start Program Directions No. 1 of 2000 continued to apply.
(4) If an application referred to subclause 34(1) is granted, the R&D Start Program Directions No. 1 of 2000 continue to apply in relation to the financial assistance, loan or other payment to which the application relates.