Companies involved in making films in Australia are invited to make a submission about new legislation that will determine how the Government's support for the industry will be improved.
In announcing the consultation on the exposure draft legislation, the Assistant Treasurer, Bill Shorten, said "This legislation will improve the efficiency and effectiveness of the Government's support for Australia's great film industry."
There are over 2,400 businesses in Australia that work in the film and television industry.
As part of the 2011-12 Budget, the Government announced $56 million in targeted assistance for Australia's film, television and documentary production industry. This package is designed to support the Australian film industry when it is striving to meet the challenges of a changing global environment.
The new targeted assistance is a Government response to a review of the screen production sector, released in February 2011. An extensive range of domestic and international stakeholders were consulted as part of this review.
The amendments to the tax law:
- Makes a number of amendments to the producer offset to more efficiently and effectively deliver Government support to Australian screen producers
- Provides enhancements to the location and the post, digital and visual effects offset.
Enhancements to the film tax offsets will be available to most productions starting on or after 1 July 2011, once the legislation is passed.
Submissions close by 15 August 2011, to allow the introduction of the measures in the Spring 2011 sittings of Parliament.
The draft legislation and draft explanatory memorandum can be obtained at www.treasury.gov.au.