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Disbursement Service
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This is the website of the former Film Finance Corporation (FFC), now part of Screen Australia.
| SCREEN AUSTRALIA DISBURSEMENT SERVICE |
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Screen Australia's Disbursement Service is an optional service offered only to producers of projects funded by Screen Australia or the former FFC. It collects revenues from the exploitation of marketing rights and disburses them to all investors and other stakeholders, in accordance with the pre-set recoupment schedule in the PIA.
The advantages for the producer are numerous. In summary:
- The service provides benefits to the producer, particularly those who do not have, or cannot afford, the infrastructure to properly and regularly administer their reporting obligations.
- Producers can take advantage of Screen Australia's collective experience to ensure sales agents' expenses and licence fees are kept at reasonable levels.
- Producers do not have to deal with GST on investors' revenue.
- Savings can be made on bank charges and operating costs for producers' collections accounts (the account the producer is obliged to set up under the terms of the PIA incurs substantial costs and, in many cases, is prematurely closed by the bank due to lack of use; further costs are then incurred in re-opening the account when funds do start to flow through).
- Returns are accurate and timely.
Structure
The Disbursement Service is managed within Screen Australia by the Recoupment & Disbursement Branch. A separate bank account has been set up for the collection of returns relating only to the service.
Screen Australia staff administer the account, ensuring all GST obligations in relation to the disbursement of gross receipts are met on behalf of the producer. They will also produce disbursement reports detailing receipts, source, producer's expenses if applicable, investors' shares as per Schedule 5 of the PIA, and any GST as it applies to the above.
Operation
Producers wishing to take advantage of the service are required to sign a Disbursement Service Agreement with Screen Australia.
As an investor, Screen Australia should already have all of the Agreements required to monitor disbursement but producers must provide copies of any post-financing agreements. In addition, the producer must inform all sales agents that Screen Australia has been appointed as disbursement agent and must therefore receive copies of all sales, expense details and income reports.
Screen Australia's recoupment analysts track reporting, ensuring reports are timely as per agreements; they also check income and expenditure against agreements and sales details, check correct payments are made, and liaise with sales agents regarding all of the above when anomalies occur.
The Disbursement Service will ascertain the producer's marketing expenses where applicable and request a tax invoice for them. A Disbursement Summary is then prepared for all investors. Generally investors receive summaries showing:
- Receipts from each agent/distributor/collection society etc.
- Disbursement Administration fees
- Producer costs
- GST on receipts and expenses
- Disbursement per applicable items of Schedule 5 of the PIA
Fees
A setup fee will be charged for each project along with a fee for each disbursement made. The fee structure is as follows:
| Fees* |
Features & Theatrical Documentary |
TV Drama & Documentary Series |
Documentaries One Off |
| Set up fee |
$500 |
$500 |
$250 |
| Fee per disbursement - % of Gross Receipts received - no cap** |
1% |
1% |
1% |
| Minimum fee per statement |
$200 |
$100 |
$75 |
Notes:
*Fees will attract 10% GST
**Fee is calculated on the gross received into the disbursement account, not on the net disbursed
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