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'I am happy to be involved' Toni Collette confirms she will judge the Australians In Film Heath Ledger Scholarship with fellow actress Abbie Cornish

By Bianca La Cioppa For Daily Mail Australia

Published: 03:57 EST, 31 March 2016 | Updated: 05:00 EST, 31 March 2016

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It's the award ceremony that attracts numerous successful Hollywood actors and actresses each and every year.

And on Thursday the Australians In Film (AIF) association announced its latest judges for the eighth Health Ledger Scholarship.

The organisation revealed its latest panel would consist of actresses Toni Collett and Abbie Cornish for the up and coming award.

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The experts: Actresses Toni Collett (L) and Abbie Cornish (R) have been announced as this year's judges for the annual Heath Ledger Scholarship

While speaking to AIF Toni, who rose to fame after appearing on A Country's Practice, said: 'I am happy to be involved in this initiative.

'I liked Heath very much and this scholarship in his name is a wonderful way of allowing new Australian talent to evolve.'

President of AIF, Simonne Overend went on to add: 'The Heath Ledger Scholarship is AIF’s flagship education program and represents everything the foundation stands for.

Sadden: Heath passed away in 2008 after he was found in his New York City apartment following an accidental overdose of prescription drugs

'This is a potentially life changing moment for a young actor and AIF is thrilled to be able to give this opportunity to someone.

'The incredible group of influential judges assembled to select this year’s scholarship’s recipient is a testament to the level of regard to which the scholarship is held in Hollywood.'

The annual scholarship was established in 2008 in memory of the late Australian actor Heath who served as an ambassador for AIF during his time in the entertainment industry.

The award-winning star passed away in 2008 after he was found in his New York City apartment following an accidental overdose of prescription drugs.

Happy: Upon the release of the latest news Toni said: 'I liked Heath very much and this scholarship in his name is a wonderful way of allowing new Australian talent to evolve'

The scholarship, which honours Heath's work in film, is open to all young Australian actors who are aged between 18 and 35-years-old and wanting to succeed in the demanding industry.

Applications for this year's award will close on Tuesday, April 5 at 11AM AEST.

The successful recipient will obtain a AUD$13,000 cash fund, a two year scholarship at the Stella Adler Academy of Acting and Theatre in Los Angeles and two flights on Virgin Australia - one to attend the announcement ceremony and a second flight when the winner is ready to transition their career to the United States.

They will also receive a seven-day Californian trip from Visit California, AUD$6500 worth of visa and immigration services from Raynor and Associates and $500 worth of Uber credit to get around LA.

The Scholarship also includes mentorship from professionals in the industry.

Two runners up will also receive a round-trip ticket to Los Angeles and a scholarship to attend Masterclasses at Screenwise Film and TV School for actors in Sydney.

Honour: The annual scholarship was established in 2008 in memory of the late Australian actor Heath who served as an ambassador for AIF during his time in the entertainment industry