Commonwealth Consolidated Acts Commonwealth Consolidated ActsObject
(1) The object of this Part is to foster the development of a sustainable and internationally competitive manufacturing industry and design industry for clothing and household textiles in Australia by providing incentives which will promote innovation.
Simplified outline
(2) The following is a simplified outline of this Part:
• The Minister must formulate a scheme (the Clothing and Household Textile (BIC) scheme) for the making of grants in connection with the design and manufacture, in Australia, of eligible clothing and household textile products.
• The total of the grants paid under the Clothing and Household Textile (BIC) scheme must not exceed $112.5 million.
• The Clothing and Household Textile (BIC) scheme will provide for innovation grants in respect of clothing/finished textile expenditure.
• The Clothing and Household Textile (BIC) scheme will provide for the making of those grants in respect of expenditure incurred in the 2010 - 2011 to 2014 - 2015 income years.
• Grants under the Clothing and Household Textile (BIC) scheme are to be made in arrears.
• Entities that wish to obtain grants under the Clothing and Household Textile (BIC) scheme will be required to register under the scheme and to submit strategic business plans and accounts.