✨ Grant Scheme Checklist
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14 Deduction of sales revenue earned during investigations - 75% of estimated revenue is deducted from eligible costs - not for sales after investigation completed.
15 Two competitive quotes to be supplied in cases where individual consultant's costs exceed $5,000 (ie grant of $2,500 or more sought); if these are not supplied applicant must explain why.
16 Any costs incurred prior to receipt of Board's written approval are at applicant's own risk.
17 Grant is paid on a reimbursement basis.
18 Board's standard claim form must be filled out for each claim and original receipts and invoices are to be forwarded with this.
19 Reporting:
- Final Report must be lodged at the conclusion of the investigation - prescribed form must be used.
- 10% of each eligible claim will be withheld and will only be paid out after the final report is received.
20 Claims must be made in New Zealand dollars; supply conversion rates used if foreign currency transactions.
21 Scheme does not allow retrospective applications to be made.
22 Grant is to be repaid if the project proceeds outside the region within 2 years of approval unless the activity is new to the region the project moved to.
23 No other government funds can be used for balance of cost for items funded under BDIG.
24 Information on approvals can be made publicly available by the Board.
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25 Any grant approved is personal to applicant and cannot be assigned without written authority of the Board.
26 Applicant must notify the Board in writing of acceptance of grant within prescribed time or else grant offer will lapse.
27 Grants must be uplifted within timeframe specified by the Board or will lapse; any extension request to be received by the Board prior to grant expiring.
28 The Board retains the right to refuse to make payments to approved applicants in cases where it has determined that it has been misled by the applicant or if the applicant has been placed in receivership or declared bankrupt.
29 Any grant approved is GST inclusive.
30 Applicants registered for GST must account for GST portion of grant as output tax.
31 Effect of section 169 of Income Tax Act.
32 Applicant accepts that changes can be made to the scheme at any time.
33 Only the applicant can sign the application form.
34 Contact person for the applicant can only be a salaried employee of the applicant, or a member of the organisation or the individual applicant.
35 Appeal procedures: Appeals must be lodged with the Minister of Business Development by the applicant within 2 months of the date of the Board's decision letter on the application.
36 Validity of letters of intent explained.
NEW ZEALAND GAZETTE
No. 26
528
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VUW Te Waharoa —
NZ Gazette 1992, No 26
NZLII —
NZ Gazette 1992, No 26
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Business Development Investigation Grant Scheme - Checklist
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