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SPA calls for urgent resolution of bill to amend tax offsets

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Screen Producers Australia (SPA) notes the passage through the Senate today of the Treasury Laws Amendment (2021 Measures No 5) Bill 2021, with amendments from the Government and Opposition, and its referral back to the House of Representatives for approval. 

We thank the Parliament for bringing on debate of the Bill, however we now call on the Parliament to urgently conclude the process for passage of the Bill before Parliament rises for the year.

As SPA has previously noted, there are a substantial number of productions which have been budgeted, financed and loaned on, on the basis that a 30% rate of Offset will be available, with producers acting on consistent advice from Government that the measure will be retrospective once passed.

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The uncertainty regarding the passage of the Bill is causing substantial risk, with financiers declining to release cash flow and some lenders signalling they will soon call in securities. The industry simply can’t wait any longer for the Bill to be finalised and the clock is ticking on productions, jobs and businesses, with an estimated $400 million in production on the line.

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