Taxation Laws Amendment (Film Incentives) Act 2002 (Cth)

Taxation Laws Amendment (Film Incentives) Act 2002

No. 27, 2002

An Act to amend the law relating to taxation, and for related purposes

Contents 1 Short title................................... 2 Commencement............................... 3 Schedule(s)..................................

Schedule 1—Film tax offset Income Tax Assessment Act 1997 Income Tax Assessment Act 1936

Taxation Laws Amendment (Film Incentives) Act 2002

No. 27, 2002

An Act to amend the law relating to taxation, and for related purposes

[Assented to 4 April 2002]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Taxation Laws Amendment (Film Incentives) Act 2002.

2 Commencement

This Act commences on the day on which it receives the Royal Assent.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Film tax offset

Income Tax Assessment Act 1997

1 After subsection 67‑25(2) Insert:

Films

(2A) The *tax offset available under Division 376 is subject to the refundable tax offset rules.

Research and development

2 Section 375‑880 (link note) Repeal the link note, substitute:

Division 376—Films generally (tax offset for Australian production expenditure)

Table of Subdivisions

376‑A Guide to Division 376 376‑B Tax offset for Australian expenditure in making a film 376‑C Production expenditure and qualifying Australian production expenditure 376‑D Certificates for films

Subdivision 376‑A—Guide to Division 376

376‑1 What this Division is about

This Division gives a film production company a refundable tax offset for certain Australian production expenditure the company incurs on the film but only if that expenditure exceeds a certain amount.