Managing Your Production Expenses in order to claim QAPE
Depending on whether you have an SPV, and the timing of expenses, spending money on a film can take several forms…
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Resources
Preparing for Producer Offset and Production Audits
A Producer Offset claim requires a Producer Offset audit before you submit your application to Screen Australia. This is an independent audit of your Qualifying Australian Production Expenditure, or QAPE, spreadsheet. The Producer Offset audit is a legal requirement, separate from a production audit (which some investors request to confirm spend against their investment). Both
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The benefits of hiring a production accountant
A generalist accountant isn’t set up for the reporting deadlines, cost monitoring and industry timelines unique to film and TV production. Production accountants are financial specialists who understand production cycles, keep cast and crew paid on time, prepare regular cost reports against budget, and set up reporting from day one to align with Producer Offset
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How do I apply for the Producer Offset?
Applying for the Producer Offset comes down to two certificates and one tax return. You can start with a Provisional Certificate from Screen Australia before production begins, which confirms you’re on the right track. Once your film’s done, you apply for a Final Certificate, which locks in your QAPE and confirms you’ve met the Australian
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Business Structures for Filmmakers
There will come a time in the life-cycle of your business when you may need to reconsider the legal structure under which your business operates. Such considerations and restructuring can be prompted by new business opportunities for growth and development, or you may wish to take advantage of lower company tax rates, perhaps you want
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ASIC: Do you know your requirements?
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,
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Income averaging: The concessional tax treatment every creative should understand
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
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At what stage do you need a production accountant?
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.
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Crowdsourcing and equity in the film industry – the new frontier
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
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Using a substituted accounting period to access your Producer Offset sooner
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
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