Taxation Ruling

IT 2476A - Addendum

Income tax: taxation incentives for Australian film industry

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Addendum

This Addendum amends Taxation Ruling No. IT 2476

The investor tax incentives in Divisions 10B and 10BA of Part III of the Income Tax Assessment Act 1936 are being phased out in favour of incentives for producers of films. The change was made as part of the Tax Laws Amendment (2007 Measures No. 5) Act 2007.

Taxation Ruling No. IT 2476 is amended as follows:

1. Preamble

Insert after Preamble:

Note: as part of the Tax Laws Amendment (2007 Measures No. 5) Act 2007, Divisions 10B and 10BA are being phased out in the following manner:

•

applications for certificates under Divisions 10B and 10BA will not be accepted after 25 September 2007;

•

the first deduction available under Division 10B will only be available in relation to the 2008-09 year of income or an earlier year of income; and

•

a deduction under Division 10BA is not allowable in relation to the 2009-10 year of income or a later year of income.

2. Legislative references

Insert:

-

Tax Laws Amendment (2007 Measures No. 5) Act 2007

Commissioner of Taxation
25 June 2008

References

ATO references:
NO 2006/20258

Related Rulings/Determinations:

IT 2476W
IT 2476