Australian Art Is A Tax Deduction!
THE TIME HAS COME TO DECORATE YOUR OFFICE WITH AUSTRALIAN ART!
If you're Australian and run a small business or work fromyou may be entitled 100% tax deduction on art!
Under the current small business tax allowance, buying art to be displayed in your business can be a 100% tax
So right now before June 30, is thetime to purchase your favourites!
HOW TO KNOW IF YOU'RE ELIGIBLE
If you're a small to medium-sized businesses with an annual turnover of less than $500 million, you qualify for the Instant Asset Write-off scheme. The Australian Taxation Office has stated that an artwork is eligible for tax deduction if it is:
- Purchased principally for a small to medium-sized business premise
- Capable of being moved
- Not be trading stock.
The ATO considers artworks an investment when bought by and for businesses. This makes purchasing art for your workspace under the Instant Asset Write-off scheme 100% tax deductible.
(Of course always check with your accountant to ensure you qualify under your particular circumstances)
So don't wait, take advantage of this great opportunity before