Commonwealth Numbered Acts

Income Tax Assessment Amendment Act 1983 No. 14 of 1983 - SECT 44

44. Section 124ZAA of the Principal Act is amended-

(a) by inserting after the definition of ''film'' in sub-section (1) the
following definitions:

'' 'film account', in relation to a film, means an account that has been
opened in relation to the film in the Film Trust Fund;

'' 'Film Trust Fund' means the Australian Film Industry Trust Fund in the
Trust Fund referred to in section 60 of the Audit Act 1901;'';

   (b)  by inserting after the definition of ''qualifying Australian film'' in
        sub-section (1) the following definition:

'' 'relevant 24 month period', in relation to a film, means the period of 24
months after the end of the financial year in which capital moneys were first
expended in producing, or by way of contribution to the cost of producing, the
film;''; and

   (c)  by adding at the end thereof the following sub-sections:

''(7) For the purposes of this Division, moneys withdrawn from a film account
opened in relation to a film shall be taken to be dealt with in the prescribed
manner if, and only if, the moneys are expended-

   (a)  in producing the film;

   (b)  in payment to the Commissioner in respect of amounts paid into the
        film account under paragraph 221ZN (1) (e); or

   (c)  in payment by way of refund to a person of an amount deducted under
        paragraph 221ZN (1) (a), being an amount to which sub-section 221ZN
        (4) applies.

''(8) In the application of paragraph (7) (a) for the purposes of this
Division, other than sections 124ZAG and 124ZAH, in determining whether moneys
are expended in producing a film, sections 124ZAJ and 124ZAK shall be
disregarded.

''(9) In determining for the purposes of the definition of 'relevant 24 month
period' in sub-section (1) and for the purposes of section 124ZADA and
sub-paragraph 124ZAFA (1) (d) (iv) the meaning of references to the
expenditure of capital moneys in producing, or by way of contribution to the
cost of producing, a film, sections 124ZAJ, 124ZAK, 124ZAL and 124ZAM shall be
disregarded.

''(10) For the purposes of this Division-

   (a)  where a person pays moneys to another person and that other person
        pays the moneys into a film account-

        (i)    the first-mentioned person shall be deemed to have paid the
               moneys into that film account at the time when the moneys were
               paid to the other person; and

        (ii)   the other person shall be deemed not to have paid the moneys
               into the film account; and

   (b)  where a person withdraws moneys from a film account and pays the
        moneys to another person-

        (i)    the other person shall be deemed to have withdrawn the moneys
               from the film account at the time when the moneys were paid to
               that other person; and

        (ii)   the first-mentioned person shall be deemed not to have
               withdrawn the moneys from the film account.