Supporting Australian art - proposals to reform the taxation of artworks

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

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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Overview of the 2016 Federal Budget

By Michael Fox on 23/5/2016 in Innovation, Negative gearing, Resale royalties, Valuation, Company tax, Federal budget, Family trusts, GST, Super art, Artists, Taxation of the arts industries, Superannuation

The government was elected in 2013 without an arts policy and it has run an almost full term without being able to enunciate one. In the Tony Abbott era, no direct tax measures for the arts were announced and the model of peer-reviewed grants funding, based on the 2002 Myer Report, endorsed by John Howard and supported by the Rudd-Gillard administrations, was overturned. T...

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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 Small business, Valuation, Depreciation, Super art, Self-managed funds, Resale royalties, Capital gains tax

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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5 tax tips for serious art collectors

By Michael Fox on 3/5/2017 in Super art, Artwork tax deduction, Federal budget, Depreciation

5 tax tips for serious art collectors ...

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