What's Happening – by Bobbie Boissevain
Invest in Art and Save this Tax Season!
100% Instant Deduction on Art Purchases Up to $20,000 This Financial Year! Great news for small businesses! As tax time approaches here in Australia, we wanted to share an exciting opportunity that might brighten up your office (even your home office) and lighten your tax load – investing in artwork! That’s right, the Australian Tax Office (ATO) offers tax deductions for businesses that purchase art under certain conditions. We are excited to inform our customers about the incredible opportunity to claim a 100% tax deduction on the purchase of artworks for your business. Effective immediately, you can spend up to $20,000 (per item) on art purchases and claim a full deduction within this financial year. The $20,000 limit applies to each individual purchase, and you may buy as many items as you like, claiming the deduction on each one. The incentive applies to individuals carrying on business with their own ABN. For example: lawyers, doctors, accountants, financial planners, engineers, architects, plumbers, electricians, storekeepers, and franchisees conducting their own business can apply the 100% depreciation concession for artworks. How It Works If you display artwork in areas where your clients or employees can enjoy it, such as your office or reception area, you may be eligible for a tax deduction. What is the criteria for Artwork? Tangible: It needs to be a physical piece you can see and touch. Capable of being moved: The artwork should be moveable rather than permanently affixed to your premises. Displayed in a Business Premises: The primary purpose of the artwork should be for display in a business setting. *Boissevain Art stands behind the application of this tax deduction for art purchases but advises all buyers to seek their own taxation advice. Art can create a welcoming and inspiring environment. It’s also a fantastic way to connect with both your employees and clients or customers. Consider showcasing a local artist or supporting emerging talent – it’s a wonderful opportunity to infuse your space with creativity and community spirit.