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Receipts from the film-whether from Australia or overseas-including amounts received on the disposal of the whole or part of a copyright, are assessable income. You may be entitled to a partial exemption if you were allowed a deduction under a contract entered into before 25 May 1988.
You may be eligible for a credit for any foreign tax you paid on film receipts from overseas which you included in your assessable income.
Taxation Laws Amendment Act (No. 3) 2000 made some changes to the Film Licensed Investment Company tax concession. The concession has been changed so that certain returns of concessional capital (ie capital invested in a Film Licensed Investment company during its licence period) will be treated as franked dividends.
If you are an investor in a Film Licensed Investment Company (FLIC) you may have received a notice from the company advising that it is returning to you an amount of concessional capital which, for tax purposes, is a franked dividend. The FLIC will advise you of the amount of your dividend and the imputation credit.
Last modified: 10 Dec 2001QC 16170