Film Licensed Investment Company Act 1998
3Overview
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3 Overview
(1) This Act sets up a pilot scheme. The purpose of the pilot scheme is to encourage investment in qualifying Australian films.
(2) Under the scheme, a company may apply for a concessional capital licence. The shareholders in the licensed companies (FLICs) are able to obtain a 100% tax deduction for money invested in the companies if that money is then invested in qualifying Australian films.
(3) The scheme operates during the period commencing on the day that the Minister grants the first licence (which will occur during the 1998‑99 financial year) and ending on 30 June 2003. During the licence period, up to $40 million will be able to be raised for investment in qualifying Australian films.
Note: For qualifying Australian film see subsection 6(1).