Tax incentives for cultural gifts to Australia’s public collections
The Cultural Gifts Program offers tax incentives to encourage people to donate cultural items to public art galleries, museums, libraries and archives in Australia.
Gifts can range from paintings, books, sculptures, manuscripts and personal papers to jewellery, ceramics, technological, mechanical, scientific or social history collections.
Under the program you could get the following tax incentives for your gift:
- The market value of the gift is fully tax deductible, with some exceptions.
- You can choose to spread the deduction across up to five income years.
- Gifts are exempt from capital gains tax.
- If you arrange for valuations for your gift, the cost of those valuations is tax deductible.
More information can be found on the Department of Infrastructure, Transport, Regional Development and Communications website and the resource is available in both Word and pdf formats.