Win the $100,000 Archibald prize and you’ll pay a sizeable chunk in tax. But bet on the winner and you’ll keep the lot. The NSW arts minister hopes to change that.
The NSW government will convene a tax summit focused on the arts and creative industries, with an emphasis on abolishing taxes on arts and literary awards including the Archibald Prize.
All past Archibald Prize winners including Julia Gutman, Blak Douglas and Laura Jones paid tax on their winnings as part of their ordinary income. “We promised a ‘whole of government’ approach to arts policy, and nothing says ‘whole of government’ like putting a bunch of our best treasury boffins in a room with our state’s best creatives,” he will say.for unlocking the full potential of the creative arts and industries sector.Two years before, as opposition arts spokesman, Graham announced his election policy to shift tourism focus of Destination NSW to experiential and cultural activities.
Tax averaging can help mitigate some of this burden by smoothing out the impact of large irregular earnings over a five-year period. At the same time, Live Performance Australia has been lobbying for tax incentives for commercial live music and theatre productions. Britain has been enjoying a boom since introducing in 2014 its Theatre Tax Relief program where producers of ballets, operas, musicals and circuses get a tax rebate that equates to 45 per cent of the costs of staging new work.
“There is no doubt that Sydney has the talent and artistry to compete on the global stage but we face economic hurdles when it comes to development – it is simply expensive to make theatre here,” she said. “Australian producers can’t compete with the theatre tax initiatives offered in the UK, USA and Europe and this impacts both the volume and scale of new work we can produce.”
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