The Producer Offset is a refundable tax offset (rebate) for producers of Australian feature films, television and other projects. Because it's underpinned by income tax legislation, it represents a source of funds for producers of eligible Australian projects.
changes to the Producer Offset LEGISLATION
On 1 December 2021, federal parliament approved changes to the legislation governing the Producer Offset (Division 376 of the Income Tax Assessment Act 1997), which you can read here. The changes are in force from 1 January 2022 and apply to productions that have commenced or will commence principal photography on or after 1 July 2021. The Producer Offset Guidelines were updated to reflect both the legislative changes and a general reform - they are available here.
ASSESSMENT TIMEFRAMES
Unfortunately the majority of applications currently being submitted to POCU are incomplete or contain errors. This slows down the processing of all applications. As well, POCU is receiving and working through a high volume of applications.
Here is the current guide to assessment timeframes for complete applications only:
- Logging: your application must first be logged, then the assessment process starts. Complete applications are estimated to be logged within 3-5 weeks of being submitted. This timeframe will be longer if your application is missing supporting documents or contains errors;
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Provisional Certificates: assessments are expected to be finalised between 8-10 weeks from receipt of a complete application. This timeframe will be longer if your application is missing supporting documents or contains errors;
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Final Certificates: assessments are expected to be finalised within approximately 12-16 weeks from receipt of a complete application. This timeframe will be longer if your application:
- is incomplete and/or contains errors;
- includes high levels of interested party expenditure;
- makes claims for expenditure which are not supported by proper documentation; and/or
- is large or complex.