Tax Laws Amendment (2011 Measures No. 7) Act 2011 (147 of 2011)
Schedule 9 Film tax offsets
Income Tax Assessment Act 1997
30 Subsection 960-50(6) (after table item 9B)
Insert:
|
9C |
an amount that is relevant for the purposes of quantifying: (a) the total of all of a company's *production expenditure on a *film; or (b) the total of the company's *qualifying Australian production expenditure on a film; or (c) the company's *total film expenditure on a film; to the extent to which the total of the company's qualifying Australian production expenditure on a film is less than $15 million and the amount is relevant for the purposes of calculating an amount of a *tax offset under section 376-60 |
the amount is to be translated to Australian currency at the exchange rate applicable at the time when expenditure is incurred on the film |