Federal Government cuts BIC grants for Clothing industry one year earlier than expected
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As an outcome of the Federal Government’s 2014 Budget the Clothing and Household Textile Building Innovative Capability scheme (known as the BIC scheme) has had the last program year (2014/15) cut one year earlier than originally legislated.
This means that the last date for incurring eligible innovation expenditure is 30 June 2014. Grants relating to the 2012-13 program year are not affected and will be paid shortly. Claims relating to the 2013-14 program year are also not impacted and will be paid in the normal course by 10 June 2015.
As this change will require an amendment to the governing legislation, the Clothing and Household Textile Building Innovative Capability Scheme amending legislation will be introduced by the Government into the Parliament in the near term and require Senate approval, without Senate approval the change won’t eventuate.
On behalf of our BIC scheme clients we are exploring options to make a case to lobby Government, the Opposition, the minor parties and Independents to gain the required support to have this decision overturned.
Once we receive further advice I will seek your support to give weight to our industry representations.
– Federal Government cuts BIC Clothing grants –
- Scope your potential to claim various grant programs
- Assist with the preparation and lodgement of grant applications
- Review or provide a health check on your internally prepared grant applications
- Establish record-keeping practices as required under various grant programs
- Provide prepayment loans against future cash refunds under the R&D Tax Incentive
- Keeping industry informed on all new Government policy and grant initiatives
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