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Guide
Description

The Cultural Gifts Program encourages donations of culturally significant items from private collections to public art galleries, museums, libraries and archives by offering donors the following tax incentives for their gifts: - deduction for the market value of gifts; - exemption from capital gains tax; and - the option to apportion their deduction over a period of five income years.

Donors are also entitled to claim the cost of obtaining valuations, specifically for this program,as a tax related expense.

The Minister for the Arts and Sport is responsible for the administration of the program up to the point at which claims for tax deductions are lodged with the Australian Taxation Office (ATO).

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