Live Music Tax Offset
Written by 3MDR on December 9, 2022
Live music tax offset would be a cultural and economic boon
APRA AMCOS have released a new report, commissioned by them, from BIS Oxford Economics to assess how tax offsets levied at Australian venues staging live music might support an economic rebound from the COVID-19 pandemic and foster a healthy live performance ecosystem over the long term.
“The role that live music plays in the economic, social and cultural fabric of Australia cannot be overstated. A healthy live music scene in our cities, regional centres and towns provides them with a competitive advantage and is the feeding ground for Australia’s fast growing musical exports,” said Dean Ormston Chief Executive APRA AMCOS.
A survey of 325 hospitality venues conducted by APRA AMCOS and BIS Oxford Economics found that one in seven venues believe they will never host as many live music performances as they did pre-COVID. Taking into account the other long term challenges the industry was facing even prior to the pandemic this represents a substantial additional blow to Australia’s musical ecosystem and exports.
“That is why a tax offset to support the growth of live music would not only be a catalyst for the social and cultural development of live music it would also provide an injection of confidence across the tourism and hospitality economy.”
“The Australian Government has supported numerous important national cultural sectors, with the recent establishment of a digital games offset as well as the long-established screen industry incentives with production, post-production and location offsets.”
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