HIP IPS Guidelines
Frequently asked questions
Deed of settlement
HIP IPS Report on Record Keeping
The HIP IPS application period has now closed.
About the scheme
The Home Insulation Program Industry Payment Scheme (HIP IPS) has been established in response to the recommendations of the Report of the Royal Commission into the Home Insulation Program 2014.
The purpose of the HIP IPS is to make payments to pre-existing home insulation installation businesses that suffered an adverse financial impact as a direct result of the Home Insulation Program.
The Scheme commenced on 1 June 2015 and will be open for applications until 31 July 2015. To be eligible to apply a business must have installed insulation into existing domestic premises prior to 3 February 2009 and not have substantially breached the Home Insulation Program Guidelines.
Who can apply
You may be eligible to apply for a payment if your business:
- installed insulation into existing homes before 3 February 2009
- has not seriously breached the HIP Guidelines.
To see if you're eligible, read theHIP IPS guidelines | .
Only a pre-existing home insulation installation business which has not substantially breached the HIP Guidelines can make an application to the HIP IPS.
In making an application, businesses can nominate a third-party agent to act on their behalf once the application has been accepted. A third-party agent cannot make an application on behalf of a business.
HIP IPS payments can only be made to the business’s bank account. HIP IPS payments cannot be made to any other bank account, for example a third-party agent’s bank account.
- Businesses should determine if they are eligible for the HIP IPS by reading theHIP IPS guidelines | .
- Eligible businesses will need to complete the Application form and submit it no later than midnight (Australian Eastern Standard time), 31 July 2015.
- Businesses will also need to provide financial documentation, outlined in the HIP IPS guidelines (provided above), in order to determine if an adverse financial impact was suffered as a direct consequence of the HIP.
- Businesses will be advised in writing if:
- their application is accepted; or
- their application is not accepted, and the reasons why it is not accepted.
- Accepted applications will be forwarded to a third-party accounting firm for analysis to determine whether or not the applicant suffered an adverse financial impact.
- Applicants will have an opportunity to use the services of the former Royal Commissioner, Mr Ian Hanger AM QC, who will provide advice on whether or not an adverse financial impact was determined, the extent of the impact, the impact category, and explain the method used to determine the impact.
- The Minister for Industry, Innovation and Science will decide the amount of payment to be offered to applicants, taking into account the assessed adverse financial impact and any recommendation of Mr Hanger.
- Applicants will be notified in writing of the Minister’s payment offer.
- If an applicant accepts a payment offer they must sign aDeed of settlement | as a condition of acceptance.
HIP IPS Report on Record Keeping
The purpose of the HIP IPS Report on Record Keeping | is to:
- establish what is reasonable to request as supporting documentation in order to make an estimate of the adverse financial impact experienced by business entities as a result of the Home Insulation Program, and
- set out an appropriate methodology to apply when estimating the value of the adverse financial impact experienced by insulation installers.
Businesses that no longer have the required business tax returns and Australian Taxation Office (ATO) assessment notices will need to obtain these from the ATO.
This can be done by filling out the Copies of tax documents request – non-individual entities form and sending to the ATO.
Alternatively, businesses can register for an assistive visit from a tax officer to help make estimates of income and deductions. To register for an assistive visit, go to the ATO website or call 1800 806 218 between 8.00am and 6.00pm weekdays.
Note: Businesses should allow at least 28 days for documents to be provided by the ATO.
A business that has previously deregistered their home insulation installation company will need to have the company reinstated in order to apply for the HIP IPS.
To find out about reinstating a company, visit the ASIC website or call the ASIC Customer Contact Centre on 1300 300 630 between 8.30am and 5.00pm weekdays.
Seeking an extension for applications
A business can ask for an extension of time to submit an application. The HIP IPS guidelines| set out the process for this.
To find out more about the HIP IPS, visit the Frequently Asked Questions page.
Further enquiries about the HIP IPS should be directed to email@example.com or the business.gov.au hotline on 13 28 46.