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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.
The Film Licensed Investment Company (FLIC) tax concession allows certain returns of concessional capital (that is, capital invested in a FLIC during its licence period) to be treated as franked dividends. If you are an investor in a FLIC, you may have received a notice from the company advising that it is returning to you an amount of concessional capital that is, for tax purposes, a franked dividend. The FLIC will advise you of the amount of your dividend and the imputation credit.
Last modified: 13 Jun 2003QC 16569