Ministers from around the country, tax experts, and arts and cultural leaders will meet at the Sydney Opera House for the Art of Tax Reform Summit today.
On the agenda are reform ideas to support Australia's arts and creative industries. Across Australia these sectors contribute up to $122.3 billion to Australia's economy and bring immense social and cultural value.
Minister for the Arts, John Graham and Treasurer Daniel Mookhey will host Federal Minister Tony Burke, alongside Ministers from South Australia, Victoria, Western Australia.
They will be joined by leading cultural figures including Tim Minchin, Ben Quilty, David Gonski, Rod Sims, Ann Dunn, Elaine Chia, and Darren Dale to prioritise a suite of tax reform proposals to propose for the development of the next National Cultural Policy.
In NSW, 10 per cent of the jobs in Greater Sydney are in the arts and creative industries.
More than 300 written submissions to the summit have shone a light on the challenges faced across the sectors.
These include proposals to remove or reduce tax on prizes and grants; offsets on production costs; incentives to support the development of new work and IP generation; initiatives to boost philanthropic and commercial investment; and reviewing the complexity of tax compliance for artists and creative industries organisations.
The summit will cover four key themes: how to support creative organisations under immense pressure from global market forces; recognising artists as workers; how to encourage more investment, including philanthropic and corporate giving; and the impacts of changes in audience.
Minister for the Arts, Music and the Night-Time Economy, John Graham said:
"Strong arts and creative industries are vital for Australia. The sector creates cultural value - it strengthens our sense of identity and belonging, which is especially important in a globally competitive and increasingly contested cultural landscape.
"Submissions are clearly telling us while there's no shortage of incredible talent in Australia, across all sectors, the tax system is holding back our creative industry.
"In bringing together industry voices with treasury and tax policy experts, we're laying the groundwork for a more sustainable, resilient and innovative arts sector in NSW and across Australia."
NSW Treasurer, Daniel Mookhey said:
"The creative sector has said loud and clear it wants an examination of tax policy to find ways of improving the business of art.
"This is important because we know how much the sector contributes to our economy.
"NSW is pleased to be holding this summit so that we can develop a set of reform initiatives to discuss with the Commonwealth."
Victorian Minister for Creative Industries, Collin Brooks said:
"Arts and cultural institutions are a part of what makes Victoria great. By backing our creative industries and having a strong voice in this important, national conversation, we're supporting local talent and driving economic growth across the states."
South Australian Minister for the Arts, Andrea Michaels said:
"Australian artists are internationally recognised as unafraid to share bold bright ideas and change audiences' perspectives. Now we need to do that with tax, we need to bring our best thinkers and our boldest ideas together to influence the national economic conversation.
"South Australia has a long and proud history of celebrating and cultivating great talent. We want to make sure we're developing our next Storm Boy, Sia and Sarah Snook, and that the next great performers and thinkers will be inspiring audiences at our beloved festivals."
Western Australian Minister for Creative Industries, Simone McGurk said:
"We want to build a strong, sustainable future for our creative industries - and this is an important national conversation.
"In our state we want to create more opportunities for our local artists and creatives by fostering a vibrant and creative economy.
"We're committed to making more in WA, and that includes growing local creative talent, building career pathways and attracting international investment.
"This Summit is an opportunity to ensure our tax settings support our creatives as well as our economy."
