INCOME TAX ASSESSMENT ACT 1997 - SECT 376.55 Film production company entitled to refundable tax offset for Australian expenditure in making an Australian film (producer offset)
INCOME TAX ASSESSMENT ACT 1997 - SECT 376.55
Film production company entitled to refundable tax offset for Australian expenditure in making an Australian film (producer offset)(1) A company is entitled to a * tax offset under this section (the producer offset ) for an income year in respect of a * film if:
(a) the film was * completed in the income year; and
(b) the * film authority has issued a certificate to the company under section 376 - 65 (certificate for the producer offset) for the film; and
(c) the company claims the offset in its * income tax return for the income year; and
(i) is an Australian resident; or
(ii) is a foreign resident but does have a * permanent establishment in Australia and does have an * ABN;
when the company lodges the income tax return and when the tax offset is due to be credited to the company.
The claim referred to in paragraph (c) is irrevocable.
Note: The producer offset is a refundable tax offset: see section 67 - 23.
(a) for a film that is not covered by paragraph (b) or (c)--when it is first in a state where it could reasonably be regarded as ready to be distributed, broadcast or exhibited to the general public; or
(b) for a series other than a drama series--at the earlier of:
(i) the time when the episode in which the 65th commercial hour is reached is first in a state where it could reasonably be regarded as ready to be distributed, broadcast or exhibited to the general public; and
(ii) the time when the series is first in such a state; and
(c) for a season of a series other than a drama series--at the earlier of:
(i) the time when the episode in which the 65th commercial hour is reached is first in a state where it could reasonably be regarded as ready to be distributed, broadcast or exhibited to the general public; and
(ii) the time when the season is first in such a state.
(3) Film authority means Screen Australia.
(4) The company is not entitled to the producer offset if:
(a) the company or someone else claims a deduction in relation to a unit of industrial property that relates to copyright in the * film under former Division 10B of Part III of the Income Tax Assessment Act 1936 ; or
(b) a final certificate for the film has been issued at any time under former Division 10BA of Part III of the Income Tax Assessment Act 1936 (whether or not the certificate is still in force); or
(c) a certificate for the film has been issued at any time under section 376 - 20 (certificate for the location offset) (whether or not the certificate is still in force); or
(d) a certificate for the film has been issued at any time under section 376 - 45 (certificate for the PDV offset) (whether or not the certificate is still in force); or
(f) production assistance (other than * development assistance) for the film has been received by the company or anyone else before 1 July 2007 from any of the following bodies:
(i) the Film Finance Corporation Australia Limited;
(iii) the Australian Film Commission;
(iv) the Australian Film, Television and Radio School; or
(g) the * film authority's Producer Equity Program has provided financial assistance to the company or anyone else for the making of the film.
(5) Development assistance for a * film means financial assistance provided to assist with meeting the development costs for the film, and includes assistance to the extent to which it is provided in relation to any of the following:
(a) location surveys and other activities undertaken to assess locations for possible use in the film;
(b) storyboarding for the film;
(c) scriptwriting for the film;
(e) casting actors for the film;
(f) developing a budget for the film;
(g) developing a shooting schedule for the film.