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Warner Bros Feature Productions receives $10.69 million in Aus tax offsets
[Thu 09/06/2011 10:29:19]
By Brendan Swift
The local production offshoot of US studio Warner Bros has received $10.69 million in Australian government tax offsets since 2009.
The figure is revealed in Warner Bros Feature Productions’ latest annual report, filed with the Australian Securities and Investments Commission, and covers its production of Where the Wild Things Are and Fool’s Gold, visual effects production of Harry Potter and the Deathly Hallows, Sucker Punch and Green Lantern and post-production for The Lucky One.
“The company has also engaged other entities to produce the feature films Legends of the Guardians [sic], Happy Feet 2 and Fury Road,” the annual report said.
Company secretary Louise Houston did not respond to queries.
The production costs of films made by Warner Bros Feature Productions are financed by Warner Bros Pictures, according to the notes of the report. Warner Bros Feature Productions derives income by charging a fee for its production services as well as tax offsets and incentives.
When another company is engaged to produce a film, Warner Bros Feature Productions derives its income by charging a fee for the grant of distribution rights.
Warner Bros Feature Productions received $2.9 million in tax offsets last year on revenue of $109.6 million, the report said. In 2009, it received $7.78 million in tax offsets on revenue of $124.14 million.
The Australian screen production incentives are comprised of a 40 per cent Producer Offset and 15 per cent Location and Post, Digital and Visual Effects Production (PDV) offsets.
According to the government's recent review of the Australian independent screen production sector, the Location and PDV Offsets provided over $67 million in sector support between July 1, 2007 and December 1, 2010. The 40 per cent Producer Offset provided $266.63 million over the same period.
It is understood that Legend of the Guardians: The Owls of Ga'Hoole, Happy Feet 2 and Fury Road are all Producer Offset films.
The other films are understood to be subsidised through the 15 per cent rebates.
Local company Animal Logic worked on Sucker Punch, Rising Sun Pictures on Green Lantern and Harry Potter and the Deathly Hallows. Animal Logic was one of the companies which completed the 3D conversion on the upcoming Harry Potter and the Deathly Hallows Part II.
Kojo Group’s Oasis Post has been completing post work on Scott Hicks’ The Lucky One, which stars Zac Efron. Hicks has worked with the company on several projects including his last film, The Boys are Back.
