Tax Incentives

What categories of donations to the Warrnambool Art Gallery Foundation are tax deductible?

Gifts and donations of money or certain types of property are allowable income tax deductions. A donation must not have conditions attached to it, nor can the donor derive a material benefit from the transaction.

Property other than real estate or cultural gifts

A donation of shares or units in public trusts is an allowable tax deduction under certain circumstances. It is worth noting that the donation of this type of property to an art gallery foundation will not give rise to a Capital Gains Tax liability.

Gifts of real estate or interests in real estate

The transfer of real estate is a possible but is ‘a disposal’ for Capital Gains Tax purposes.

Cultural gifts

Gifts of property (other than real estate or interests in real estate, a building or part of a building) are deductible if they are significant cultural items donated to the Gallery.

Gifts of property under the Cultural Gifts Program are exempt from Capital Gains Tax.

Personal Ancillary Funds (PAF’s)

The Warrnambool Art Gallery Foundation is a deductible gift recipient for the purpose of receiving benefits from a PAF.

See Governance: Governance Details: Australian Tax Office Endorsements