Document ID: chunk:federal_register_of_legislation:C2004A00962:clause:1_2:p1
Version: federal_register_of_legislation:C2004A00962
Segment Type: clause
Provision Reference: sch 1 cl 2 (pt 1/5)
Character Range: 1275–4057

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.

Table of sections

376‑2 Structure of this Division

376‑2  Structure of this Division

 (1) Subdivision 376‑B tells you who can get the tax offset for a film and what conditions must be met to get the offset. It also tells you how to work out the amount of the offset.

 (2) Subdivision 376‑C explains what is meant by:
 (a) production expenditure on a film; and
 (b) qualifying Australian production expenditure on a film.
It also contains some rules for quantifying expenditure.

 (3) Subdivision 376‑D deals with a number of administrative matters:
 (a) applying for a certificate for a film; and
 (b) the issue and revocation of a certificate for a film; and
 (c) the making of rules by the Arts Minister (including rules for the establishment of the Film Certification Advisory Board); and
 (d) review of decisions of the Arts Minister.

Subdivision 376‑B—Tax offset for Australian expenditure in making a film

Table of sections

376‑5 Film production company entitled to refundable tax offset
376‑10 Amount of the tax offset
376‑15 Minister may issue certificate for a film
376‑20 Company may nominate one person whose remuneration is to be disregarded

376‑5  Film production company entitled to refundable tax offset

 (1) A company is entitled to a *tax offset for an income year in respect of a *film if:
 (a) the film was *completed in the income year; and
 (b) the *Arts Minister has issued a certificate to the company for the film under section 376‑15; and
 (c) the company claims the offset in its *income tax return for the income year; and
 (d) the company:
 (i) is an Australian resident; or
 (ii) is not an Australian resident but does have a *permanent establishment in Australia and does have an *ABN;
  when the company lodges the income tax return and when the tax offset is due to be credited to the company.
The claim referred to in paragraph (c) is irrevocable.

Note: The tax offset is subject to the refundable tax offset rules in Division 67 (see subsection 67‑25(2A)).

 (2) The company is not entitled to the *tax offset if:
 (a) the company or someone else claims a deduction in relation