Commonwealth Consolidated Acts Commonwealth Consolidated ActsCap based on eligible revenue
(1) It is a policy objective for the Clothing and Household Textile (BIC) scheme that there be a cap on the total of the innovation grants that become payable to an entity during an income year (the claim year ) of the entity in respect of expenditure incurred by the entity otherwise than during a period that, under the scheme, is taken to be an eligible start - up period of the entity.
(2) The total of the innovation grants must not exceed 5% of the amount that, under the scheme, is taken to be the total eligible revenue derived by the entity, during the income year of the entity before the claim year, from sales of products that, under the scheme are taken to be eligible clothing and household textile products.
Cap based on eligible start - up investment amount
(3) It is a policy objective for the Clothing and Household Textile (BIC) scheme that there be a cap on the total of the innovation grants that become payable to an entity during an income year (the claim year ) of the entity and any income years of the entity that are earlier than the claim year in respect of expenditure incurred by the entity during a period that, under the scheme, is taken to be an eligible start - up period of the entity.
(4) The total of the innovation grants must not exceed 15% of the amount that, under the scheme, is taken to be the total of the eligible start - up investment amounts of the entity for each of the income years of the entity that is earlier than the claim year.
When grant becomes payable
(5) For the purposes of this section, an innovation grant becomes payable to an entity when a determination is made under the scheme that the entity is entitled to be paid the innovation grant.