SYDNEY — Film Victoria is renewing its A$15 million ($9.6 million) fund to help local producers finance projects when they are tapping the federal producer’s offset.
The offset is a 40% tax rebate on “eligible Australian expenditure” for local films and 20% for TV producers
It is paid once a project is finished and some producers have struggled to find cheap coin to use until that money comes in.
Film Victoria will also give loans to fund distribution guarantees and license fees in the absence of market finance, which is more difficult to find in the current economic climate.
Film Victoria topper Sandra Sdraulig said the aim of renewing the facility was to ensure the state’s bizzers could maintain production in a changing environment.
“For the offset to succeed, it is essential that cash flow facilities are available to help create momentum in the production cycle. We want to support the Victorian industry to increase the number of projects moving through production and providing returns,” said Sdraulig.