Kylie Parker, the Director of Lotus Accountants, boasts an impressive 30-year tenure in the Film and TV industry. With a clientele spanning from large-scale international productions to top Australian production companies and screen industry supporters, she has seen it all.
In scrutinising over $803 million in QAPE, we’ve identified a critical issue that could be affecting your bottom line. The quality of the allocation of Federal and State Incentives at the data entry stage can significantly impact the final incentive received.
Government Incentive application processes are often an afterthought, occurring in post-production when confirming crew residence details becomes a Herculean task and obtaining FBT declarations next to impossible. Crew members have moved on to the next project, leading to time delays and lost information that may reduce your overall claim.
So, how can you maximise your Government Incentive or Offset?
Leverage Xero: If you’re using Xero, add a Tracking category called Incentives. Specify the relevant incentives for your production, such as Screen NSW PDV or Producer Offset, and attach them to each transaction during bill creation or bank reconciliation.
Early Collaboration: Connect with the person responsible for preparing the incentive application during pre-production. This ensures that necessary records are secured when crew members are still in the contracting phase.
Audit Team Engagement: Consult your audit team early on regarding contract specifics. Summarise additional requirements needed for the offset beyond accounting necessities. Do you need a certain number of local talent? Crew members from diverse backgrounds?
Many competent Production Accountants are available, but their skills are in high demand. Recognise that their expertise has the potential to significantly impact your Total Production Expenditure.
Contact Kylie Parker at Lotus Accountants today for an alternative audit quote for your Shoot.