Australia Boosts Tax Incentives for Foreign Film Productions
Australia has recently increased its tax incentives for foreign film and TV productions, particularly those from Hollywood, that choose to shoot locally. The federal government has passed legislation to raise the location offset from 16.5 percent to 30 percent, making it more attractive for big-budget projects to film in Australia.
In order to qualify for the increased offset, producers must have budgets of at least AUS$20 million for movies or AUS$1.5 million per hour for TV series. This move is aimed at making Australia more competitive with other international jurisdictions and attracting more projects and job opportunities to the country.
Kate Marks, CEO of Ausfilm, expressed excitement about the news, stating that the increased location offset will provide stability for international productions and support the Australian screen industry. With this incentive, Australia hopes to keep up with top production hubs like the U.S., U.K., and Canada in drawing Hollywood projects for local shoots.
Recent successful films shot in Australia include Sony Pictures’ rom-com “Anyone but You,” Warner Bros. and Legendary Entertainment’s “Godzilla x Kong: The New Empire,” Universal Pictures’ action comedy “The Fall Guy,” and Disney’s “Kingdom of the Planet of the Apes.” Other upcoming projects include George Miller’s “Furiosa: A Max Max Saga,” “Thor: Love and Thunder,” and the Peacock miniseries adaptation of “Apples Never Fall” by Liane Moriarty.
Overall, the increased tax incentives are expected to boost the Australian film industry and create more opportunities for local talent and businesses.