As you all may be aware, over the last twenty-five years Lowensteins has been very active in attempting to lobby government for changes and improvements to artists’ conditions.
Tax Matters for the Arts
As we turn our attention to the summer holidays and 2019 swiftly flows away into the pages of history, it is useful to reflect on the past business year.
2019-20 Federal Budget: an election, a surplus, personal tax cuts but no help for the artist.
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.
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.
The Government has released draft legislation that seeks to put into effect the changes for rental property claims, as foreshadowed in the last Budget.
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 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.