Press release from Screen Australia
Legislation to implement the Australian Government’s 2011/12 Budget announcement regarding the Producer, Location and PDV Offsets was introduced into the House of Representatives yesterday.
The provisions are to legislate the Budget changes to the Producer Offset, including lowering the Qualifying Australian Production Expenditure (QAPE) threshold for feature films to $500,000 and numerous other changes to make QAPE easier to calculate for applicants.
The amendments will apply to projects which:
• receive Screen Australia investment confirmation on or after 1 July 2011 and
• do not have Screen Australia investment and that commence pre-production on or after 1 July 2011.
The Bill will be debated by Parliament at a later date.
The provisions are contained within Schedule 9 to the Tax Laws Amendment (2011 Measures No.7) Bill 2011. The text of the Bill and the Explanatory Memorandum can be viewed here: http://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id%3A%22legislation%2Fbillhome%2Fr4676%22.
View Screen Australia’s summary of the changes at: www.screenaustralia.gov.au/producer_offset/changes2011.aspx