✨ Grant Conditions and Tax Implications
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.
A completed "Claim Form", a copy of which is attached to this letter, must be filled out for each claim you lodge against the grant.
4 The grant will not be paid until the Board receives a report on the finding of the work. The reporting form(s) attached to this letter is(are) to be used.
A summarised version of your report will be made freely available, on request, six months after receipt of the report.
5 Information on grant approvals can be made publicly available by the Board - this covers:
- grant recipient; region; amount of grant ) any time after general statement on component of scheme ) approval
- outcome of activity assisted - 6 months after report received
6 Any grant approved is personal to the applicant and may not be assigned without the written authority of the Board.
7 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 within this period the offer of the grant will lapse.
8 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.
9 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.
IMPLICATIONS OF THE GRANT FOR TAX PURPOSES
1 The grant is GST inclusive (for goods or services purchased and paid for in New Zealand) 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 activity to be undertaken.
Yours sincerely
NEW ZEALAND GAZETTE
................
Business Development Board
No. 26
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VUW Te Waharoa —
NZ Gazette 1992, No 26
NZLII —
NZ Gazette 1992, No 26
✨ LLM interpretation of page content
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Enterprise Growth Development Scheme Grant Conditions
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🏭 Trade, Customs & IndustryGrant, Conditions, Receipts, Mileage, Credit Card, Claim Form, Report, Public Availability, Tax Implications, GST
- Business Development Board