2019-20 Federal Budget: an election, a surplus, personal tax cuts but no help for the artist.
Tax Matters for the Arts
The art world has faced many challenges and possibilities. One of the most exciting developments that we in the arts face is the advent of blockchain technology in the trading and cataloguing of art.
In the previous edition of Lowensteins' Newsletter, we advocated a radical need to reform the tax system as it affects Australian artists. We have had positive feedback about this suggested reform from several clients in the arts community.
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.
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.
The Government has released draft legislation that seeks to put into effect the changes for rental property claims, as foreshadowed in the last Budget.
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.
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.
Following our move to the Albert Road premises in Melbourne, we undertook a major rehang of the art works. The new exhibition of art in our Melbourne office has helped us display a portion of our collection in the best manner possible.
After not attending the fair for two years it was a great pleasure to be able to travel to the Art Basel Hong Kong Art Fair that covered a whole week of events from the 21 to 25 March 2017 at the Hong Kong Exhibition Centre.