Tax Laws Amendment (2004 Measures No. 7) Act 2005 (41 of 2005)

Schedule 11   Film tax offset amendments

Income Tax Assessment Act 1936

1   After subsection 124ZAB(6)

Insert:

(6A) The Minister may, by signed writing, revoke a certificate in respect of a proposed film that has been issued under subsection (3) if:

(a) the person who applied for the certificate applies to the Minister for the revocation in the approved form; and

(b) the person provides a statutory declaration stating that:

(i) no taxpayer has claimed a deduction under this Division in respect of the film; and

(ii) a final certificate in respect of the film has not been issued under this Division; and

(iii) a taxpayer intends to claim a tax offset under Division 376 of the Income Tax Assessment Act 1997 in respect of the film; and

(iv) financial assistance has not been provided by the Film Finance Corporation Australia Limited (incorporated under the Companies Act 1981 on 12 July 1988) in respect of the film.

A certificate that is revoked under this subsection is, for the purposes of this Act, taken never to have been in force.

Note: Revocation of a certificate under this subsection allows a person to claim the tax offset under Division 376 of the Income Tax Assessment Act 1997 in respect of the film.