Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT ACT (No. 5) 1988 No. 153 of 1988 - SECT 40

40. (1) Subject to this section, where the following conditions are satisfied
in relation to moneys deposited by a taxpayer in a film account opened in
relation to a film:

   (a)  the moneys were deposited by the taxpayer after 25 May 1988 and before
        1 July 1988;

   (b)  the Commissioner is satisfied that, at the time of the deposit, the
        taxpayer intended to expend the moneys in producing the film under a
        particular contract (including a contract to be entered into at a
        future date); the taxpayer shall be treated, for the purposes of this
        Division and Division 10BA of Part III of the amended Act, as if the
        taxpayer had, upon the making of the deposit, expended the moneys in
        producing the film under that contract.

(2) Where:

   (a)  apart from this subsection and sections 124ZAL and 124ZAMof the
        amended
Act, an amount (in this subsection called the "producer's amount") would, by
virtue of subsection (1) of this section, be taken for the purposes of this
Division and Division 10BA of Part III of the amended Act to have been
expended before 1 July 1988 by a taxpayer in producing a film; and

   (b)  the whole or a part of the producer's amount is included in an amount
        that was withdrawn from a film account opened in relation to the film
        and was not, upon withdrawal, dealt with in the prescribed manner; the
        following provisions have effect:

   (c)  where the whole of the producer's amount was included in the amount
        withdrawn from the film account-no part of the producer's amount shall
        be taken for the purposes of this Division and Division 10BA of Part
        III of the amended Act to have been expended by the taxpayer;

   (d)  where part only of the producer's amount was included in the amount
        withdrawn from the film account-the producer's amount shall be reduced
        by that part of the producer's amount that was so included.

(3) Where:
(a) an amount (in this subsection called the "producer's amount") would, by
virtue of subsection (1), be taken for the purposes of this Division and
Division 10BA of Part III of the amended Act to have been expended before 1
July 1988 by a taxpayer in producing a film;

   (b)  an amount is withdrawn from a film account opened in relation to the
        film, being the film account into which the producer's amount has been
        paid; and (c) the amount withdrawn from the film account was not, upon
        withdrawal, dealt with in the prescribed manner; then, for the
        purposes of this Division and Division 10BA of Part III of the amended
        Act, so much (if any) of the producer's amount as the Commissioner
        determines shall be taken to be included in the amount withdrawn from
        the film account.

(4) Where:

   (a)  apart from this subsection, an amount (in this subsection called the

"producer's amount") would, by virtue of subsection (1), be taken for the
purposes of this Division and Division 10BA of Part III of the amended Act to
have been expended before 1 July 1988 by a taxpayer in producing a film under
a particular contract; and

   (b)  the whole or a part of the producer's amount is included in an amount
        that was withdrawn from a film account opened in relation to the film
        and was expended in producing the film under another contract; then,
        for the purposes of this Division and Division 10BA of Part III of the
        amended Act, so much (if any) of the producer's amount as the
        Commissioner determines shall be taken to have been expended by the
        taxpayer in producing the film under that other contract.