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The first FLIC, Content Capital, will choose from among the rough cuts of productions submitted by independent filmmakers and decide which film to fund from there.
According to its spokesman Charles Wheeler, Macquarie Film, the second FLIC, plans to bankroll roughly 15 projects during its lifespan, with financial feasibility as its primary objective.
But after a recent ATO pronouncement that it was targeting investors in film schemes designed purely to evade taxes, FLICs raised only $2 million of the combined $13 million they'd hoped for before the June 30 end of Oz's fiscal year.
That's because while both FLICs firms' fundraising efforts are ongoing, most investors make tax-deductible investments between March and June.
"FLICs was set up to encourage broader private sector support for Australia's highly acclaimed film industry," he said.
"This is a critical moment for the two fledgling FLIC companies, (and) their success depends on a positive reception from the investment community," said Screen Producers Assn.
Similarly, people are keen to embrace new avenues for raising production coin such as the pilot FLICs scheme.
Not so Brown, who argues, "The fears regarding 10BA and the FFC are quite reasonable," especially as the treasury has scheduled a review of 10BA tax concessions at the end of the FLICs pilot.
There's also concern that FLICs
might eventually replace existing 10BA tax scheme, which is uncapped in the amounts it can raise.
chief exec John Morris welcomed the FLICS
scheme but warned of a potential hiatus and consequently negative impact on next year's production levels, between the end of the current scheme and the new one.
With appropriations from the Florida legislature from 1956 to 1965, FLIC
investigators interrogated students, faculty, and staff at four public universities in Florida who they deemed a threat to their McCarthy-like versions of democracy and morality.