✨ Grant Scheme Terms
2
- name of person receiving payment together with their designation
The only cost category for which you are not required to provide receipts and invoices is mileage; if you have a mileage category in your qualifying costs you must, however, supply a completed log sheet to the Board - a copy of this form is attached to this letter.
If goods or services have been paid for by credit card you must supply the original invoices for these together with the credit card statement to which these are charged to plus a subsequent statement showing that payment has been made.
The prescribed "Claim Form", a copy of which is attached to this letter, must be completed out for each claim you lodge against the grant.
4 The grant is to be repaid if the project proceeds outside the region within two years of approval unless, it can be shown that the activity is new to the region moved to.
5 A final report must be lodged with the Board at the conclusion of the investigation; further, that 10 percent of each eligible claim will be withheld and will only be paid out after the final report is received. The prescribed form shall be used by applicants in reporting on their investigations.
6 Information on grant approvals can be made publicly available by the Board.
7 Any grant approved is personal to the applicant and may not be assigned without the written authority of the Board.
8 The applicant has 20 working days, from the date of this letter, to accept the grant on the conditions it is offered. If your written acceptance is not received by the Board within this period the offer of the grant will lapse.
9 The grant must be uplifted by ___ or else it will lapse on that date. A written request for a time extension can be considered if this is received by the Board before the grant lapse date.
10 Grants are made subject to the Board being satisfied that the information given by the applicant is true and correct and that there has not been an omission of any relevant fact nor misrepresentation given. The Board retains the right to refuse to make payments to approved applicants in cases where it determines that it has been misled by the applicant or if the applicant has been placed in receivership or declared bankrupt.
3
IMPLICATIONS OF THE GRANT FOR TAX PURPOSES
1 The grant is GST inclusive therefore, claims should be based on GST inclusive amounts.
2 If you are registered for GST you will have to account for the GST portion of the grant as output tax.
3 Section 169 of the Income Tax Act 1976 deals with grants such as this. Effectively, the grant is not assessable income as such but, has the effect of reducing the costs which may be claimed for income tax purposes or, as appropriate, reducing the cost of assets for depreciation purposes.
We wish you well for the investigation.
Yours sincerely
.........
Business Development Board
Next Page →
PDF embedding disabled (Crown copyright)
View this page online at:
VUW Te Waharoa —
NZ Gazette 1992, No 26
NZLII —
NZ Gazette 1992, No 26
✨ LLM interpretation of page content
🏭
Business Development Investigation Grant Scheme - Checklist
(continued from previous page)
🏭 Trade, Customs & IndustryGrant Scheme, Checklist, Eligibility Criteria, Business Development, Forms
- Business Development Board
💰 Implications of the Grant for Tax Purposes
💰 Finance & RevenueGrant, Tax, GST, Income Tax Act 1976
- Business Development Board