PM Transcripts

FORPRESS 21 AUGUST 1977
FUJRTHER _ IZNCENTIVESFOR-THE ARTS
The Pri-me Minister, Mr Malcolm Fraser, said today that the
Budget decision to liberalise existing taxation concessions
on gifts to public art galleries, libraries and m~ useums was
a significant step for art in Australia.
In the past a person could claim on a gift only if he had
acquired it in the last twelve months, or if it was cash.
The twelve months test will now be removed. This move will
encourage owners of older collections of art works to make
gifts to public galleries.
The amount allowable as a deduction will generally be the
market value of the gi-ft at -the time it is donated instead
of -the lesser of purchase value or market value. It is
hoped that these reforms will increase and diversify arts
patronage by the community.
The Prime Minis-ter said -that by taking this action the
Government had removed the single most significant factor
which had been holding back the development of public
gallery collections.
Mr Fraser stressed the benefits in particular to State and
Regional. galleries and hoped that the States might act to
remove remaining barriers to increased private patronage.
Legislation to effect the new arts incentive scheme will be
introduced this session of Parliament. The new tax provisions
will come into operation for a trial period of three years
on 1 January, 1978. The scheme will come under the
responsibility of the Minister for Administrative Services.
Further detailis will be announced later.