#3 Using a Framework of Efficiency – For the shortest route from A to Z
When it comes to film audits the first challenge to overcome is fully understanding requirements, the second is to be highly organised, and the third is to address the myriad factors that can interrupt the process and delay the receipt of your offset. As experienced auditors our role is to anticipate and respond logically to audit issues before they cause delays.
Delays in producer tax offset payments are expensive and frustrating and can significantly affect your production profit. We help you avoid such delays from day one. Our QAPE Audit Framework of Efficiency addresses the typical reasons for audit hold-ups and means we can complete your film audit in 3 weeks or less. This is achievable because our specialist auditors provide no-fuss hands-on support and mentoring. We are a small and tight-knit team with the agility to offer personal and responsive phone and email contact. Quite simply, problems don’t get the chance to snowball.
At the outset, we can help you set up your SPV and complete ATO registrations for you. During pre-production, we can advise on when you need to engage your production accountant and then suggest the most appropriate way for you to spend your time coordinating with them throughout the audit process.
Throughout production we touch base regularly and guide you and your production accountant so that, first time around, the right information and documentation for your audit is collected, in the right format, and with the necessary supporting paperwork.
We then swiftly produce the audited accounts for you for submission to Screen Australia. Following your certification, we’ll be ready to ensure that your tax return has been received by the ATO and follow up with the ATO weekly, keeping you informed of progress.
Once you’ve received your offset payment, we can assist with prompt repayments to your lenders. If necessary, we can deregister your SPV, ensure ATO registration cancellations are complete, and finalise your BAS.
Our QAPE Framework of Efficiency directly benefits you by minimising the periods of time between your final production expense and your submission to Screen Australia; the ATO receiving your tax return and your receipt of your offset payment; and receipt of your offset payment and final repayments to lenders. Depending on the timing of your tax return lodgement, if necessary we can help you to voluntarily liquidate the SPV (and complete the associated ASIC paperwork) in order to lodge manually within 7 days and receive your offset in 56 business days.
Our goal, as always is to ensure that POCU have no questions about your audited accounts, enabling them to issue your certificate in approximately 12 weeks. Once your tax return is lodged, we expect the electronic transfer of your offset payment by the ATO in just 2 to 4 weeks.
Next Step
To find out more about our Rosenfeld Kant Film Services Division team, our QAPE Audit Framework of Efficiency and how we work with Australian producers or production accountants working on movies, documentaries and TV series, large and small, please contact Tamara Kay on (02) 9375 1200 or tamara@roskant.com.au.
How to Receive Your Tax Offset Quickly
#1 Requirements | #2 Preparation | #3 QAPE Audit Framework of Efficiency
The information (including taxation) contained within this article is of a general nature only and neither represents nor is intended to be personal advice on any particular matter. Rosenfeld Kant SMSF Advisors strongly suggests that no person should act specifically on the basis of the information in this document, but should obtain appropriate professional advice based on their own personal circumstances.