Clause 11

by deleting subsection (3) and substituting the following subsections:“(3) The IIA in respect of the fixed capital expenditure for an approved project is an amount that is the lower of the following:

an amount equal to the percentage (specified in the approval letter for the approved project), of C × D;

an amount specified in the approval letter for that approved project for the purpose of this subsection, if any.(3A) For the purpose of subsection (3) —

C is the fixed capital expenditure incurred on the qualifying equipment for the approved project; and

D is 100% or, if the qualifying equipment is primarily used for manufacturing or providing the specialised engineering or technical services, the percentage determined by the Minister, and specified in the approval letter for the approved project, of the primary use.”;

by deleting the word “and” at the end of subsection (4)(c);

by deleting the full-stop at the end of paragraph (d) of subsection (4) and substituting the word “; and”, and by inserting immediately thereafter the following paragraph:“(e)shall specify such other matters that are required to be specified in the approval letter.”;

by inserting, immediately after subsection (7), the following subsections:“(7A) The Minister may, in the Minister’s discretion, amend an approval letter by adding to, removing or substituting (as the case may be) any matter required to be specified in the approval letter under subsection (4).(7B) An amendment in subsection (7A) takes effect from the date of the amended approval letter or, if specified in the amended approval letter, the effective date of the amendment.”; and

by deleting the words “17th February 2012 and 28th February 2017” in subsection (8) and substituting the words “17 February 2012 and 31 December 2022”.