[Press Release by SAFC]
The South Australian Film Corporation (SAFC) today welcomed the news that the Adelaide production company Kojo has received its 40% Producer Offset for feature film Beautiful.
This represents an important milestone in the development of the Producer Offset, as Kojo’s film was one of the first to take advantage of the new federal arrangements, and is one of the first production companies to receive a 40% offset cheque from theAustralian Taxation Office.
The SAFC provided cashflow funding for the production of Beautiful in mid-2007, prior to the passage of legislation for the new federal film package. By doing so, it became the first agency in the country to lend against the Producer Offset.
“Once again South Australia has been ahead of the curve in taking up the opportunities for film financing opening up at the federal level, with the SAFC being the first agency prepared to cashflow the federal government’s Producer Offset in what were uncertain times.” said Cheryl Bart, Chair of the South Australian Film Corporation.
“This makes it even more satisfying to see the South Australian production company Kojo receive its 40% rebate from the ATO for its film Beautiful. We wait with bated breath to see Beautiful premiere at the Adelaide Film Festival next March.
The fact that the ATO is beginning to provide rebate cheques to production companies will provide important comfort to commercial lenders who have been somewhat reluctant to come to the party over the past eighteen months, but will need to come on board if we are to make this new offset work, and strengthen the film sector both in South Australia and nationally.”
Other SAFC films that have been made in the past twelve months that expect to get rebate cheques in the next year include Closed for Winter, Beautiful Kate, My Tehran for Sale, Last Ride, Coffin Rock, Home and The Boys are Back.