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I need to make a quite a large time leap, but within the same location. Other than slotting in a slug line and placing "2 years later" in it, is there anything else that should be done? Ideally, I'd like to show from a far out perspective this location (it's an island) to basically reaffirm to the audience where the characters have been placed. As it's quite important to the narrative, would that be okay? I know telling the director what to do is usually a big no-no. Basically, at the moment the audience could still be slightly unsure that the characters are on an island. Also, as the time transition is going to cause major changes, the far out view might assist the audience in understanding that the location is the same.
You could show the characters doing something repeatedly (like eating) and show a beard growing on his face. Or a simple shelter becoming a large tree house. Or growing crops.
Just write what you see. If you see it changing somehow, describe the changes. If there is no slug or super indicating the passage of time, you can always pick that up in dialogue or other visual cues. Really that's the best way to do it. Write it as if you're watching the film and simply describing the action in non-movie-speak.
I've decided to, as George said, spell it out in non-filmic language and the transition will be obviously seen, as dogglebe said, through the change in the location (in my case, instead of character's appearence). I've also popped in a quasi-montage at the beginning, which includes an establishing shot (there's two time leaps, one of a day, shortly followed by one of a few months).