Refundable Film Tax Offset Rules 2002 (Amendment No. 1 of 2003) (Cth)

Commonwealth of Australia

Income Tax AssessmentAct 1997

Acts Interpretation Act 1901

Refundable Film Tax Offset Rules 2002

(Amendment No. 1 of 2003)

I, CHARLES RODERICK KEMP, Minister for the Arts and Sport, under section 376-105 of the Income Tax AssessmentAct 1997 and subsection 33(3) of the Acts Interpretation Act 1901 make the following amendments to the Refundable Film Tax Offset Rules 2002.

Dated

6 February 2003.

Minister for the Arts and Sport

_________________________________________________________

1

Name of instrument

This instrument is the Refundable Film Tax Offset Rules 2002 (Amendment No. 1 of 2003).

2

Commencement

This instrument commences on gazettal.

3Amendment of the Refundable Film Tax Offset Rules 2002

Schedule 1 amends the Refundable Film Tax Offset Rules 2002.

Schedule 1Amendments

[1]Note at the end of rule 6, Additional functions of the Board

substitute

Note: Subparagraph 376-105(1)(a)(i) of the Act gives the Board the following functions:

1. •

   considering certificate applications made under section 376-75 of the Act; and

2. •

   advising the Minister on whether to issue certificates under section 376-15 of the Act.

[2]Note at the end of subrule 19(1)

substitute

Note: The test in paragraph (1)(a) is based on the test in subparagraphs 376-15(1)(g)(ii) and (h)(i) of the Act, which specify the requirements for a company to apply for a certificate.

[3]Subrule 21(2)

substitute

(2) Subrules 28(2)-(6) apply to the Board’s consideration of an application for a provisional certificate

[4]After subrule 23(2)

insert

(3) The Board must issue the written notice as soon as practicable, and in any event within 28 days from the date of the Board’s decision not to issue the provisional certificate.

[5]Paragraph 25(3)(b)

substitute

(b) an expenditure statement prepared in accordance with rule 26 (including an auditor’s statement in the form in Schedule 3 and prepared in accordance with rule 27).

[6]Schedule 1,Part A, Information about the film, second dot point

substitute

1. •

   Format (note the restrictions in paragraphs 376-15(1)(d) and (e) of the Act);

[7]Schedule 2,Part A, Information about the film, second dot point

substitute

1. •

   Format (note the restrictions in paragraphs 376-15(1)(d) and (e) of the Act);