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Tuesday, 25 November 2014

Donating cultural gifts

Gifts made to deductible gift recipients under the Cultural Gifts Program may be tax deductible. However, gifts made under a will are not deductible.
 
The Cultural Gifts Program aims to encourage the donation of culturally significant items to public art galleries, museums and libraries.
 
Eligible taxpayers will be able to claim a tax deduction for the gift or property donated at its market value.
 
Property donated under the program will also be exempt from capital gains tax. The deduction may be spread over a period of up to 5 years.
 
Some examples of property available for donation include:
  • Indigenous arts;
  • Cultural artefacts;
  • Natural & scientific materials;
  • Paintings;
  • Manuscripts; and
  • Books
For more information click here.

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