How the Cultural Gifts Program works
Each donation to the Culture Gifts Program involves a participating recipient institution, at least two approved valuers, the donor and the Committee on Taxation Incentives for the Arts.
In summary the usual steps for a Cultural Gifts Program donation are:
Step One
Donor negotiates a potential gift with a recipient institution
Step Two
Institution determines that the gift conforms with its collection policy and formally accepts the gift into its permanent collection
Step Three
Institution and/or donor arranges two valuations from approved valuers.
Institution submits the following documentation to secretariat by the cut-off date for submissions (please note that the original and two collated copies of all documents must be provided):
- Certificate of Donation – to be completed by the donor and the institution (Appendix E)
- Donation Summary/Statement of significance (Appendix F) - to be completed by the institution
- two completed Valuation Certificates (Appendix L) from approved valuers
- quality colour images of the item(s) except for printed, manuscript, library and archival materials
- (these should be provided on CD or DVD in addition to the colour reproductions).
Step Four
Committee assesses the donation and either endorses the donation or defers the donation and requests further information and/or additional valuations. A senior officer from the Australian Taxation Office attends each Committee meeting and provides advice on taxation issues.
Step Five
Once endorsed, the documentation is stamped and sent to the donor for his/her tax records and a copy of the committee's endorsement letter is sent to the institution for its information.
Other program participants are the:
- Departmental Secretary—responsible for the approval of valuers;
- The Minister responsible for the Arts—appoints a Committee that advises the Minister, Departmental Secretary and the Australian Tax Office on the operation of the program; and
- Commissioner of Taxation—responsible for the administration of the Income Tax Assessment Act 1997, including the legislative provisions relating to the Cultural Gifts Program.
Presentations from CGP information seminars:
