Artwork donors may be eligible for tax benefits under the Federal Government's Cultural Gifts Program. The program encourages corporate and personal philanthropic support for the arts in Australia.
The Cultural Gifts Program offers donors the benefit of a tax deduction for the market value of their gift under Subdivision 30-A of the Income Tax Assessment Act 1997. Deductions may be apportioned over a period of up to five years. Gifts made under the Cultural Gifts Program are exempt from capital gains tax.
For more information on the Australian Government's Cultural Gifts Program, please visit arts.gov.au/cgp