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Cultural Gifts Program celebrated online
An online gallery of the Australian Government's Cultural Gifts Program was launched on August 20 by the Australian Minister for the Arts and Sport, Senator Rod Kemp. 'For 25 years, the Cultural Gifts Program has been helping Australia's public museums, galleries and libraries expand their collections of works of art and cultural heritage material through tax incentives for gifts of significant items,' said Senator Kemp. 'Donors may claim the cost of the valuations and, in most cases, the full market value of their gift as a tax deduction,' he continued. More than 380 Australian cultural institutions participate in the Cultural Gifts Program, which has donated over $290 million worth of gifts over the past 25 years. 'Many institutions with modest operating budgets, particularly those in regional areas, often rely on donations as a means to acquire items for their collections,' said Senator Kemp. In 2000, gifts were made exempt from capital gains tax and donors have been able to apportion deductions for gifts over a period of up to five years. The Cultural Gifts Program 25th Anniversary Online Gallery is a available HERE.
Show latest news, more from August 2003.
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