Document ID: chunk:federal_register_of_legislation:F2009B00223:body:0:p6
Version: federal_register_of_legislation:F2009B00223
Segment Type: other
Provision Reference: 
Character Range: 14340–17268

application relates;

       (d) must require the applicant to keep records relating to the conduct and management of the project;

       (e) must provide for inspection by the Board of the premises where the project is undertaken and of the records mentioned in paragraph (d);

       (f) must require the applicant to report to the Board on the conduct and management of the project;

       (g) must provide for variation and termination of the agreement; and

       (h) may include other matters.

PART 7 — GUIDELINES AND DETERMINATIONS

Guidelines

       18. The Board may make guidelines for the purposes of these directions setting out:

       (a) what kinds of expenditure are eligible expenditure;

(b) what kinds of biotechnology in relation to which an applicant may make an application;

(c) what kinds of work and activities for a project are for the proof of concept stage of development;

       (d) what kinds of funding are not to be regarded as matching funding for the purposes of subclause 10(2).

Determinations

    19. The Board may determine in writing in relation to a particular applicant or project for the purposes of these directions;

       (a) that expenditure for a project that is incurred after the application for the project is received by the Board is eligible expenditure;

       (b) whether the project is in the field of biotechnology,

       (c) whether the project is for the proof of concept stage of development; and

       (d) whether funding obtained, or to be obtained, by the applicant is of a kind that is not to be regarded as matching funding for the purposes of subclause 10(2).

PART 8 —PAYMENT OF FINANCIAL ASSISTANCE

Authorisation of payment of financial assistance

    20. 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

    21. (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

       22. (1) The period of a project for which financial