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.
If you would like to discuss this matter further please contact: Gerry Frittmann – Managing Director TCF Services firstname.lastname@example.org