Starting and managing your own business is a steep learning curve, and all the bureaucracy involved is often overwhelming. As a creative, all the paperwork can feel like a frustrating distraction from what you want to be working on. But, once registering a company with the Australian Securities and Investments Commission, otherwise known as ASIC,
ASIC: Do you know your requirements? Read More »
You may be eligible for Special Professional income averaging if you work in a creative decision-making role, such as a director, writer, performing artist or other production associate, and have earned more than $2,500 from that creative work. It’s an opt-in system based on your rolling five-year average income, and eligibility is assessed case by
Income averaging: The concessional tax treatment every creative should understand Read More »
Numbers aren’t for everyone. Which is why the benefits of using a production accountant can be obvious to many. But when should you call us in? While we can get started at any stage, it is best that we come in as early as possible, at least during production. And here’s why: It’s cheaper.
At what stage do you need a production accountant? Read More »
We’ve previously written about the different ways you can fund your production. Most common are loans, a distributor advance or through equity. Alongside grants and any money borrowed against the Producer Offset, equity also includes independent investment. Now, Australian legislation allows you to give equity on crowdfunding, opening up the doors on ‘independent investment’ to
Crowdsourcing and equity in the film industry – the new frontier Read More »
When you look to access your Producer Offset, you usually have two options. Get your Producer’s Offset with your Tax Return. This can be almost a year later, leaving a large gap (especially if you’re looking to fund your next production). Or Liquidate your production company. This is a reason why people often set up
Using a substituted accounting period to access your Producer Offset sooner Read More »
For a production accessing the Producer Offset, the preferred structure is usually the combination of a production company and a Special Purpose Vehicle (SPV). The SPV is a Pty Ltd company established specifically for an individual production. Using an SPV keeps the production’s finances and activities separate from those of the broader production company, including
Using Special Purpose Vehicles for filmmaking in Australia Read More »
The Producer Offset is a refundable tax offset for money spent in Australia (or by Australian companies) making an Australian film. Because it’s refundable, you can receive a tax refund even where no tax has been paid. It’s worth 40% of your company’s total Qualifying Australian Production Expenditure (QAPE) if distribution is commercial release in
What is the Producer Offset? A guide for new producers Read More »
Money makes the world go around – and it makes productions happen. With each potential funding option, there are a few distinct things you should look out for. Make sure you go into any project with your eyes open to First things first. No matter how you intend to fund your next project, it’s important
Common production funding options – and the traps to look out for Read More »
If you’re reading this, you’re probably asking yourself “what do I do to better manage the money of my next – or current – production?” This is our third and final post in this series, all geared toward answering that question. In the first two posts of this series, we walked through the ‘pre-pre’ and
[Series] Tax, accounting and filmmaking – Production and Post Read More »
You’ve made it through all the ‘pre-pre’ stages, and we’re ready to say this is a real project, greenlit and 100% ready to go ahead. It’s time to really get started. It’s time to dive into pre-production. If you read Part 1 of this series, you already know all about the ‘pre-pre’ production stages. If
[Series] Tax, accounting and filmmaking: Pre-production Read More »
