Document ID: chunk:federal_register_of_legislation:C2006A00057:clause:1_94
Version: federal_register_of_legislation:C2006A00057
Segment Type: clause
Provision Reference: sch 1 cl 94
Character Range: 15476–17410

94  Change in ownership of business etc.

 (1) Subsection (2) applies if:
 (a) at any time, a person (the previous owner) carried on a particular business (the old business) in Australia; and
 (b) at a later time, another person (the new owner) carries on:
 (i) the business or a part of the business (the relevant part); or
 (ii) a business (the new business) that, at that time, is similar to the old business, or a part of the old business (the relevant part), carried on by the previous owner before that time, to such an extent that Austrade is satisfied that the new business should be treated as a continuation of the old business; and
 (c) the new owner applies for a grant in respect of a grant year.

Note: Austrade's decisions whether 2 businesses are similar are subject to guidelines determined by the Minister under section 101.

 (2) For the purposes of this Act, Austrade must treat particulars of the previous owner as being those of the applicant in the following ways:
 (a) any eligible expenses incurred by the previous owner in the capacity of owner of the business (or of the relevant part) are to be treated as having been incurred by the new owner;
 (b) if Austrade had decided that the previous owner met the grants entry requirements—the new owner is to be treated as if Austrade had decided that it had met the grants entry requirements;
 (c) any grant, or advance on account of grant, paid or payable (whether under this Act or under the repealed Act) to the previous owner in the capacity of owner of the business (or of the relevant part) is to be treated as having been paid, or as being payable, to the new owner;
 (d) any other aspect of the business (or of the relevant part) is to be treated as if it had been carried on by the new owner.

Note: For eligible expenses, repealed Act and grants entry requirements see section 107.

Division 3—Power to adjust expenses and provisional grant amounts