In joint media release No 2010/152, issued 9 July 2010, the Minister for Environment Protection, Heritage & the Arts, Peter Garrett, and the Assistant Treasurer, Senator Nick Sherry, announced the release of draft legislation to expand access to film tax offsets as announced in the 2010-11 Budget.
Expanded access to the film offsets will be facilitated by:
- reducing the minimum qualifying expenditure threshold for the Post, Digital and Visual Effects (PDV) Offset from $5 million to $500,000; and
- removing the requirement for productions spending between $15 million and $50 million in Australia to spend at least 70% of the total production budget in Australia in order to qualify for the Location Offset.
The amendments will apply to productions commencing from 1 July 2010.
The closing date for submissions is Tuesday, 27 July 2010.