Cultural Gifts Program
The Cultural Gifts Program encourages donations of culturally significant items from private collections to public art galleries, museums, libraries and archives by offering donors the following tax incentives:
- Deduction for the market value of gifts
- Exemption from capital gains tax
- The option to apportion their deduction over a period of five income years
Donations must be accompanied by at least two valuations of the current market value of the gift, provided by approved valuers. (The cost of obtaining valuations specifically for this program can also be claimed as a tax related expense.)
The Cultural Gifts Program is administered through the Department of the Environment, Water, Heritage and the Arts (DEWHA)
Page last updated: 18/09/2008 15:38:18