In September the NSW Government will convene a tax reform summit to develop a set of policy proposals to improve the tax system to support creativity.
You can make a submission by visiting https://www.
The closing date for submissions is 20 August.
We have submitted 6 proposals to the review:
1. Sale of artworks to be exempt from capital gains tax (CGT), except for artworks that are sold by superannuation funds and other legal entities that trade in art
2. Artists to be allowed to sell their artworks to self-managed superannuation funds (SMSFs) without the trustees of SMSFs being mandated to store all of their art investments, where appropriate
3. Sole trader artists who are registered for goods and services tax (GST) to be exempted from the superannuation guarantee charge (SGC) requirements of their clients
4. The Australian Taxation Office (ATO) to establish a special professional income averaging division
5. Non-commercial losses of artists to be allowed as a tax deduction where their other income does not exceed $45,000, subject to other requirements
6. Increase the entry thresholds for PAYG instalments of artists
Our submission may be viewed here.