Tax Laws Amendment (2007 Measures No. 5) Act 2007 (164 of 2007)
Schedule 10 Streamlining concessions for Australian films and Australian film production
Part 2 Consequential and other amendments
Income Tax Assessment Act 1997
16 Subsection 960-50(6) (table item 9)
Repeal the table item, substitute:
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9 |
an amount that is relevant for the purposes of quantifying: (a) the total of all of a company's *production expenditure on a *film; or (b) the total of the company's *qualifying Australian production expenditure on a film; or (c) the company's *total film expenditure on a film; to the extent to which the amount is relevant for the purposes of issuing a certificate under section 376-20 or 376-65 |
the amount is to be translated to Australian currency at the exchange rate applicable at the time when principal photography commences or production of the animated image commences. |
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9A |
an amount that is relevant for the purposes of quantifying: (a) the total of all of a company's *production expenditure on a *film; or (b) the total of the company's *qualifying Australian production expenditure on a film; to the extent to which the amount is relevant for the purposes of issuing a certificate under section 376-45 |
the amount is to be translated to Australian currency at the exchange rate applicable when *post, digital and visual effects production for the film commences. |
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9B |
an amount that is relevant for the purposes of quantifying: (a) the total of all of a company's *production expenditure on a *film; or (b) the total of the company's *qualifying Australian production expenditure on a film; or (c) the company's *total film expenditure on a film; to the extent to which the amount is relevant for the purposes of calculating an amount of a *tax offset under section 376-15, 376-40 or 376-60 |
the amount is to be translated to Australian currency at the average of the exchange rates applicable from time to time during the period that qualifying Australian production expenditure is incurred on the film. |