West End-style tax incentives to supercharge Australian theatre and reside music will likely be a NSW “precedence” as state governments throughout the nation construct a case for main federal arts tax reform.
NSW claims it now has the help of the opposite 5 states and the 2 territories – after enlisting the Queensland Coalition authorities – to pursue a shake-up of the nation’s tax system and assist Australia’s struggling tradition sector.
NSW Treasury is fleshing out and modelling a shortlist of 5 precedence reforms to take to a February assembly of state cultural ministers and pursue these with the Albanese authorities.
These incentives embody the abolition of taxes on arts and music prizes and the extension of present display and digital gaming tax incentives to theatre and reside music.
Proposed rebates for reside music and theatre have acquired the backing of NSW authorities. Credit: RICHARD CLIFFORD
Both concepts emerged from September’s historic arts tax assembly, convened on the Sydney Opera House, and attended by arts ministers from NSW, Victoria, South Australia and Western Australia.
In a keynote tackle on Friday, NSW Arts Minister John Graham stated extending the tax offset scheme to reside theatre and music venues would have “excessive influence” advantages. Changes to the UK’s tax aid scheme launched in 2021 have been credited with the West End’s record-breaking audiences in 2023 and 2024, however an Australian model would more than likely be restricted to majority-owned Australian entities and native tales.
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“The goal will likely be to construction this in order that offsets incentivise new Australian work, thereby creating and retaining extra Australian mental property and expertise,” Graham advised sector leaders on the Committee of Sydney occasion. “This isn’t nearly supporting Australian tales; it’s about defending and creating alternatives for tales to be developed in Australia and making certain that Australian creatives and firms personal the manufacturing of those new works.”
NSW foreshadowed it could additionally search help from different states to again proposals permitting artists to deduct extra of their losses in opposition to revenue from “day jobs’, and growing the vary of things arts employees can deduct from their revenue.
