“We’re here to audit your accounts.” Is that a sentence that sends a shiver down your spine? It doesn’t need to be! At Above The Line Accounting, we know that audits can feel overwhelming, but they are an integral part of the film production process. In this blog, we’re going to walk you through what’s […]
Preparing for Audits: Ensuring Compliance in the Australian Film Industry Read More »
The production accountant plays a fundamental role in film and television productions. However, their presence on a film set extends far beyond merely reconciling accounts or maintaining the books. Instead, their role is an intricate part of the film-making process, starting from pre-production and continuing until the final wrap-up in post-production, often lasting years. We
The benefits of hiring a production accountant Read More »
What is the producer tax offset? Before we dive in, a quick refresher. A tax offset normally reduces the amount of tax you actually pay. A refundable tax offset can actually generate a tax refund where no tax has been paid. The Producer Tax Offset – sometimes referred to as just the Producer Offset –
How do I apply for the Producer Tax Offset? Read More »
There will come a time in the life-cycle of your business when you may need to reconsider the legal structure under which your business operates. Such considerations and restructuring can be prompted by new business opportunities for growth and development, or you may wish to take advantage of lower company tax rates, perhaps you want
Business Structures for Filmmakers Read More »
COVID-19 has presented all industries with unprecedented challenges and the arts industry in particular has faced major upheavals. With limits to people gathering, physical distancing requirements, and disruptions to the supply chain whole productions have had to be delayed or simply cancelled. The challenges of filming during a pandemic are not just logistical and emotional,
The Costs of COVID-Safe Filming Read More »
Starting and managing your own business is a steep learning curve, and all the bureaucracy involved is often overwhelming. As a creative, all the paperwork can feel like a frustrating distraction from what you want to be working on. But, once registering a company with the Australian Securities and Investments Commission, otherwise known as ASIC,
ASIC: Do you know your requirements? Read More »
Don’t feel left out if you haven’t heard of this before. This is a very specialised aspect of tax. In fact, your accountant (unless they specialise in creative industries, like us!) might not even know about it. And if you regularly prepare your tax returns yourself it’s unlikely to be on your radar. So what’s
Income averaging: The concessional tax treatment every creative should understand Read More »
Numbers aren’t for everyone. Which is why the benefits of using a production accountant can be obvious to many. But when should you call us in? While we can get started at any stage, it is best that we come in as early as possible, at least during production. And here’s why: It’s cheaper.
At what stage do you need a production accountant? Read More »
We’ve previously written about the different ways you can fund your production. Most common are loans, a distributor advance or through equity. Alongside grants and any money borrowed against the Producer Offset, equity also includes independent investment. Now, Australian legislation allows you to give equity on crowdfunding, opening up the doors on ‘independent investment’ to
Crowdsourcing and equity in the film industry – the new frontier Read More »
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). Or Liquidate your production company. This is a reason why people often set up
Using a substituted accounting period to access your Producer’s Offset sooner Read More »
