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Call for submissions: Review of 10B and 10A Film Tax incentives.



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CALL FOR SUBMISSIONS: REVIEW OF 10B AND 10BA FILM TAX INCENTIVES

A review of Divisions 10B and 10BA tax incentives is a key step to improving certainty for investors and ensuring that the schemes work to benefit the Australian film and television industry, the Minister for the Arts and Sport, Senator Rod Kemp, said today.

‘The Australian Government has an active commitment to improving the opportunities for private sector investment in local film and television production,’ Senator Kemp said.

‘Today I am releasing a discussion paper to begin a review of key provisions of Divisions 10B and 10BA of the Income Tax Assessment Act 1936. These schemes provide an income tax deduction for investors in certified Australian productions.

‘This review, a commitment in the Government’s 2004 election policy A World Class Australian Film Industry, aims to examine the effectiveness of the schemes in attracting private sector investment into Australian film and television production.

‘As the local and global film industry continues to evolve, it is timely that we ensure the schemes operate effectively, are clear in achieving their purpose and suit our contemporary film industry.’

The review of the 10B and 10BA tax incentive schemes is one measure in a recently-introduced package of Government support for Australian film and television producers worth nearly $88 million over four years.

Another measure to encourage private sector investment is the extension of the Film Licensed Investment Company Scheme, which allows one licensee to raise up to $20 million over two years to invest in Australian film and television product.

In addition to making the film sector more attractive for private investors, the Government is strengthening the film sector through direct support to film agencies.

Total support for the sector in 2005-06 is almost $160 million.

‘I strongly encourage all interested parties to participate in the review of these film tax concession schemes,’ Senator Kemp said.

‘Submissions should be framed according to the terms of reference set out in the discussion paper, available from the Department of Communications, Information Technology and the Arts.

‘I look forward to hearing industry views and to considering the review findings.’

The 10B and 10BA tax incentives discussion paper and other information on the review are available at www.dcita.gov.au/arts/tax/tax_review_2005

The deadline for submissions to the review is Monday, 31 October 2005.

23/09/2005 http://www.minister.dcita.gov.au/kemp/media/media_releases/call_for_submissions_review...

MELBOURNE 22 September 2005

Media contact: Adrian Chippindale, 02 6277 7350 or 0407 208 743

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23/09/2005 http://www.minister.dcita.gov.au/kemp/media/media_releases/call_for_submissions_review...