Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (2004 MEASURES NO. 7) ACT 2005 - SCHEDULE 11

Income Tax Assessment Act 1936

1   After subsection 124ZAB(6)

Insert:

  (6A)   The Minister may, by signed writing, revoke a certificate in respect of a proposed film that has been issued under subsection   (3) if:

  (a)   the person who applied for the certificate applies to the Minister for the revocation in the approved form; and

  (b)   the person provides a statutory declaration stating that:

  (i)   no taxpayer has claimed a deduction under this Division in respect of the film; and

  (ii)   a final certificate in respect of the film has not been issued under this Division; and

  (iii)   a taxpayer intends to claim a tax offset under Division   376 of the Income Tax Assessment Act 1997 in respect of the film; and

  (iv)   financial assistance has not been provided by the Film Finance Corporation Australia Limited (incorporated under the Companies Act 1981 on 12   July 1988) in respect of the film.

A certificate that is revoked under this subsection is, for the purposes of this Act, taken never to have been in force.

Note:   Revocation of a certificate under this subsection allows a person to claim the tax offset under Division   376 of the Income Tax Assessment Act 1997 in respect of the film.

2   Subsection 124ZAB(7)

Omit "or (6)", substitute ", (6) or (6A)".

3   Subsection 124ZAB(9)

After "(6)", insert ", (6A)".

Income Tax Assessment Act 1997

4   Paragraph 376 - 5(2)(b)

Repeal the paragraph, substitute:

  (b)   either:

  (i)   a provisional certificate for the film (other than a provisional certificate that has been revoked under subsection 124ZAB(6A) of the Income Tax Assessment Act 1936 ); or

  (ii)   a final certificate for the film;

    has been issued at any time under Division   10BA of Part   III of the Income Tax Assessment Act 1936 (whether or not the certificate is still in force).

5   Application

The amendments made by this Schedule apply to any expenditure incurred in respect of a film (whether before or after this Schedule commences).

Notes to the Tax Laws Amendment (2004 Measures No. 7) Act 2005

Note 1

The Tax Laws Amendment (2004 Measures No.   7) Act 2005 as shown in this compilation comprises Act No.   41 , 20 05 amended as indicated in the Tables below.

Table of Acts

Table of Amendments