Online Streaming Platforms Now Entitled to Claim Eligible Tax Offset
The Australian Federal Government recently announced television series and mini-series distributed through online platforms now able to claim refundable tax offsets.
Rising Sun Pictures (RSP) welcomes the announcement today that the Morrison Government has extended the Post, Digital and Visual Effects (PDV) and Location Offsets to include television series and mini series for online streaming such as Netflix, Amazon, Disney+, Apple TV+, Hulu, Stan and Ten All-Access.
The South Australian State Government offers a state based Post, Digital, Visual Effects (PDV) incentive of 10 percent, which is yielding results. RSP’s Managing Director, Tony Clark states: “We’re already seeing the local incentive bringing new and expanded projects to South Australia and setting the stage for future growth.”
Combined with the changes to the federal PDV offset, this essentially means that series streaming projects will be able to access a combined 40 percent rebate on visual effects when working with RSP.
Clark adds: “This is a game changer for the entire industry and will make Australia a front runner in the new frontier of streaming production. It will allow our country to reliably build capability due to a consistent pipeline of work and create significant employment opportunities. Not only will it bring benefits to the local economy, but it will also allow us to build ongoing relationships with online streaming companies, something which has been lacking in recent years as other destinations offered stronger incentives.”
For over two decades RSP has been responsible for crafting some of cinemas most memorable moments. Most recently, RSP has contributed visual effects work to Dumbo, Captain Marvel, The Predator, Tomb Raider, Peter Rabbit, Thor: Ragnarok and a host of other major motion pictures.
RSP’s team boasts an impressive collective resume: Tony Clark as part of the Cospective team was the recipient of an Academy Scientific and Technical Award for the creation of remote collaboration tool cineSync, VFX Supervisor, Tim Crosbie, was nominated for Academy and BAFTA Awards for RSP’s work on X-Men: Days of Future Past, and Creative Director Tom Wood, was nominated for Academy and BAFTA Awards for Best Visual Effects on Mad Max: Fury Road.
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