As we near the end of the calendar year, it is timely to remind our clients of the need to prepare any tax returns and BAS statements that may be outstanding.
In this Fact Sheet 'How can artists best manage their money?' we turn our attention to the many ways that artists earn their income and see what is the best way for them to manage their cash flow.
Every decade many Australian artists, curators, collectors and art tourists swing around Europe between April and November when the Venice Biennale, Documenta and the Skulptur Projekt Münster are aligned.
For this edition I invited Emeritus Professor Chris Wallace-Crabbe from Melbourne University to review a very interesting book I read that is an excellent source of history about the genesis of the commercial aspects of the Australian art world.
Plenty enough of the books about visual arts, art histories move forward painter by painter. It is something different and welcome to read how our art has galloped ahead, gallery by gallery. In this new book Christopher Heathcote handles the later post-War period, 1956-1976, in this way.
During the week of the 6th to 10th of September, Sydney hosted the bi annual Sydney Contemporary Art Fair (SCAF).
The Government has released draft legislation that seeks to put into effect the changes for rental property claims, as foreshadowed in the last Budget.
It is with great pleasure that the Directors of Lowensteins announce that Mr Piyush Thakrar, who until recently has been our Senior Accountant, has been promoted to the management team and has been appointed as a Senior Associate.
Following on from the last Fact Sheet that was published in the June 2017 Newsletter, the next step is to examine the issues of ABN or Australian Business Number and GST or Goods and Services Tax registrations.
It is with great sadness that we learned of the closure of the Castlemaine Art Gallery, one of Regional Victoria’s premier art institutions.
On my last visit to Sydney over the Queen’s Birthday Weekend, I travelled off my normal well-worn track of Paddington to the newly relocated galleries in the south of Sydney.
On Tuesday 9 May 2017 Treasurer Scott Morrison handed down the 2017-18 Federal Budget, his second Budget.
In his Budget Speech the Treasurer reported a deficit of $29.4bn for 2017-18. However, the government forecasts this to improve to a surplus in of $7.4bn by 2020-21. The Budget expects the economy to grow at 2.75% in 2017-18 and 3.0% in 2018-19, supported by growth in household consumption, exports and a transition to non-mining business investment.
The Directors and staff at Lowensteins wish Tamara a very fond farewell and say thanks for serving in her role as Director of NAVA with great distinction and absolute commitment.
In our last edition , we looked at the criteria that the Australian Tax Office (ATO) consider when they examine whether an artist is carrying on a bona fide arts practice.
Housed in a former rag trade warehouse, fortyfivedownstairs is a gallery and performance space tucked up the top end of Flinders Lane in Melbourne’s art gallery strip.
From the start of the new financial year, we have decided not to issue any more refund cheques to our clients. We will be asking all clients for banking details as we will be making EFT payments direct into your account.
It has come to our attention that 457 Visa changes will affect the Cultural Sector. The Lowensteins are looking into this issue and will report further as more details become available. For more details, visit http://www.border.gov.au/Trav/Work/Work/Skills-assessment-and-assessing-authorities/skilled-occupations-lists/removed-skilled-occupations
We have decided to prepare a series of ’Fact Sheets‘ that encapsulate basic information on how to start an arts business and, once started, how to successfully run this endeavour. In this edition of the Newsletter we will outline the steps that artists need to take to ensure that they are making tax claims as a ‘business’.
Our recent office move to South Melbourne has given us the opportunity to initiate changes to Lowensteins' operations which will result in an improvement to the services that we offer our clients.
The Government has announced that $80 million, the majority of funds from Catalyst will be transferred to the Australia Council from 1 July 2017, with the Department of Communication and the Arts keeping $2 million for arts funding.
Adelaide-born painter Sydney Ball has died aged 83. Ball was born in 1933, and moved to New York in 1962 where he enrolled at the Art Students League and studied under Theodoros Stamos. It was a time when he was exposed to the rise of the Abstract Expressionist movement and rubbed shoulders with Mark Rothko, Lee Krasner, Barnett Newman, Robert Motherwell and Willem de Kooning.
ATO’s enhanced data matching program
The ATO has announced that they will be enhancing their data matching program to incorporate all types of information from three major sources: share registries, credit card companies and online selling companies.
Congratulations to Alexandra Walker, who was the 2016 recipient of the Lowensteins prize awarded by the Arts Faculty of the Victorian College of the Arts (VCA).