Supplementary Explanatory Memorandum
(Circulated by authority of the Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing, the Hon Michael Sukkar MP)General outline and financial impact
Parliamentary Amendment to Schedule 1 to the Treasury Laws Amendment (2021 Measures No. 5) Bill 2021
The Parliamentary Amendment to Schedule 1 to the Bill amends Division 376 of the ITAA 1997 to set the copyright cap at 50 per cent for documentaries for two years from 1 July 2021. The cap for documentaries reverts to the general 30 per cent copyright cap presently proposed in the Bill thereafter. The amendment provides the sector with an appropriate adjustment period for the proposed copyright change. This is consistent with the Senate Environment and Communication Committee's recommendation.
Date of effect: This amendment applies to documentaries commencing principal photography or post, digital and visual effects production on or after 1 July 2021.
Proposal announced: This amendment has not been previously announced.
Financial impact: This amendment is expected to increase payments by $1.3 million over the forward estimates period.
Human rights implications: This amendment does not raise any human rights issues. See Statement of Compatibility with Human Rights - Chapter 2.
Compliance cost impact: This amendment does not alter the compliance cost impact outlined in the Explanatory Memorandum to the Bill.
Summary of regulation impact statement
Regulation impact on business
Impact: This amendment does not alter the regulatory impact outlined in the Explanatory Memorandum to the Bill.