Using a substituted accounting period to access your Producer’s 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).


Liquidate your production company. This is a reason why people often set up an SPV, to be able to liquidate and access funds sooner.

But there is a third option.

Using a substituted accounting period.


First, what is a substituted accounting period?

You probably know that the standard accounting period in Australia is from 1 July to 30 July – it aligns with the financial year.

But did you know that you can apply to use a substituted accounting period?

Some companies apply to have a different ‘end of financial year’, otherwise known as a ‘substituted accounting period’.


Why apply for a substituted accounting period?

The main reason would be to access your Producer Offset sooner.

When you’re doing a Tax Return for a production, you’re using it as a vehicle to access the offset. Running your financial year on a substituted period helps you control when this happens rather than waiting for 30 June.

This case study from Screen Australia shows how using a substituted accounting period can help you access your offset.


When do you need to lodge?

  • The due date for individuals, partnerships and trusts is the last day of the fourth month after the close of the accounting period
  • The due date for companies (excluding Not full self-assessment taxpayers (NFSA)) is the first day of the sixth month after the close of the accounting period
  • The due date for companies and super funds (excluding NFSA) is the 15th day of the seventh month after the close of the accounting period

Or, leave the acronyms to the Tax Office and speak to us.

Need help understanding the ins and outs of the Producer Offset and production accounting? Book your free consult today.


A note on this article

Information provided by the Above the Line Accounting on this website is general in nature and does not take into consideration your personal financial situation. It is for educational purposes only and does not constitute formal financial advice.

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