Hello, film buffs and TV series addicts! We have a hot piece of news straight out from Australia. The country has just made its film industry even more attractive to the world. And here’s how: the Australian Government, known for its constant efforts to promote the local film industry, is boosting its Location Offset from 16.5% to a whopping 30%! This came into effect on July 1, 2023.
How Does the Boosted Location Offset Work?
Curious about what a Location Offset is? Well, let’s simplify it, shall we? In general terms, it’s a kind of tax credit offered to international TV and film professionals who choose to shoot their magic in Australia. The more they spend in the country, the more money they get back. Quite the deal, right?
But as Spider-man says, with great power comes great responsibility. To qualify for the 30% Location Offset (up from the previous 16.5%), film producers need to show that they mean business. For a start, their feature films should have a budget of at least A$20 million—that’s roughly US$13.3 million. If it’s a TV series, they need to have at least A$1.5 million (US$1 million) reserved per episode. That’s not peanuts!
Applications have to tick off more boxes too. Like, they need to invest in local film structure and commit to specific education expenditure. Plus, they have to use local talents for post-production, digital and visual effects.
Why Does All This Matter?
Ever wondered why some of your favorite TV shows and movies are shot Down Under? Australia’s got some serious, award-winning screen credentials. Screen Australia’s drama report shows that foreign spending on drama and post-production hit sky-high levels recently. We’re talking A$1.22 billion, or US$780 million! Pretty insane, right?
This financial rave party was sparked by big-name projects such as Universal’s “The Fall Guy” and Warner Bros.’ “Godzilla x Kong: The New Empire”. But it’s not just in front of the cameras where the magic happens. Post-production visuals and digital effects work for films like Disney’s “Hocus Pocus 2” and “Indiana Jones and The Dial of Destiny” also added to this record-breaking spending spree.
So, What’s Next?
Keep your popcorn handy, because more exciting projects are heading to Australia. Amazon MGM Studios and AGBO’s “The Bluff,” as well as Amazon MGM Studios and Skydance’s “Balls Up,” are ready to roll. Even Sony’s clamping down on a currently unnamed shark thriller, scheduled to be shot in Victoria.
To sweeten the deal and hype up fans, Apple TV+ also announced a new thriller series called “The Dispatcher,” with Patrick Brammall scoring the lead role. So gear up for an action-packed journey!
Australia’s ramped-up Location Offset is going to make it a hotbed for more international TV and film productions. So why not curl up, grab the popcorn, and enjoy the show? Because who knows, maybe your next favorite film will be made in the heart of Australia! Isn’t that exciting? We’re wishing all these upcoming productions the best of luck!
For more details, visit Project Casting Blog on https://www.projectcasting.com/blog/casting-calls-acting-auditions/australia-raises-filming-tax-credit-to-30-to-attract-international-productions/