#2 Preparing for your Film Audit – Organisation is king
Preparation is absolutely key if you want to receive your offset without delay.
An audit requires wide-ranging, specific and detailed information to be gathered and compiled over a long period of time and documented in a prescribed way. Every unanswered question, every expenditure statement that isn’t reconciled, every inaccuracy and every deviation from the prescribed format in your audit submission represents a delay in receiving your offset payment. Organisation is indeed king and the stakes are high.
You can save hours by being organised and a specialist film auditor will understand that this is central to their role. Audit preparation begins at pre-production, which creates plenty of scope for error if there is no clear Framework in place. At Rosenfeld Kant we work to a methodology that we call the QAPE Audit Framework of Efficiency.
Poor preparation can mean that your audit cannot proceed without the auditor contacting you or POCU cannot process your submission without further input. When you need to revisit, correct or reformat information, it can translate into extra hours, days or even weeks before your offset is paid.
As an experienced auditor we are not only familiar with the types of problem that can stall the audit process, but we can also anticipate them and implement measures to avoid or recognise issues in the earliest stages and address them promptly.
This includes showing you how to customise your software so that from the word ‘Go’, all the details POCU requires are included in your accountant’s paperwork. We will also mentor your administrative staff so that they are aware of the possible pitfalls, and offer them tips for making the process easier.
We will show you simple procedures for tracking QAPE throughout production so that by final certification time, your report detailing the breakdown of non-QAPE expenses is complete on time.
You may also need help in preparing detailed records of payments to non-Australian crew and cast, interested party expenditure, reimbursements, estimates to complete, development expenditure and others. Your final submission to Screen Australia must be accurate using the prescribed template and with all supporting paperwork included. Our goal is to prepare it so thoroughly that POCU will have no questions and can issue your certification promptly.
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.