Art valuers have emerged as one of the few winners from the culture sector out of the federal budget, as the entry of works purchased prior to 1985 into the capital gains tax system promises to unearth hidden treasures.
From July 1, 2027, the 50 per cent capital gains tax discount will be grandfathered, and future gains taxed on an after-inflation basis with a 30 per cent minimum rate. Art industry insiders expect this will benefit works with a proven track record sold through the auction or secondary market, at the expense of more speculative new work sold through galleries.
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