Supporting Australian art - proposals to reform the taxation of artworks

By Michael Fox on 10/11/2016 in Super art, Self-managed funds, Artwork tax deduction, Capital gains tax, Superannuation, Artists, Taxation of the arts industries

The super art laws are consistent with the original intent of the CGT rules in deterring speculation in art – but the impact on the livelihood of artists from these changes warrants reform to the taxation of artwork. Proposals to provide taxation incentives for artists should be made where it is also beneficial for the integrity and efficiency of the Australian taxation...

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Important Tax Changes Post 2016 Federal Election

By Michael Fox on 26/9/2016 in Business tax returns, Non-resident taxation, GST, Individual tax returns, Self-managed funds, Superannuation

Most individual returns will be due to be lodged by the end of next month, unless you are represented by a registered tax agent like myself. If you are not currently on my list, I will need to add you by 31 October to ensure that your return can be lodged in 2017. from 1 July 2017, the annual non-concessional (after tax or personal) super contribution will reduce from $18...

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Super art and the small business write-off measures – a strategy suggestion for SMSFs

By Michael Fox on 13/10/2015 in Depreciation, Small business, Valuation, Capital gains tax, Resale royalties, Self-managed funds, Super art

The depreciation provisions in the recently legislated Small Business Measures offers some super funds a tax-effective strategy to transfer their artwork investments to their members prior to a looming compliance deadline. From 1 July 2016, all artworks must comply with new display, storage, insurance and related-party requirement as the five year grandfathering clause in...

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