Claim 100% Tax Deduction on Art
With the end of the financial year looming, there’s no better time to re-energise the workplace! Under the small business tax allowance, businesses can enjoy 100% tax-deductible art. Continue reading to find out more and shop Art for the Office to take advantage of this limited-time offer.
Offices, receptions, boardrooms – they all count! Pictured here is a landscape triptych by Wayne Smith.
Claiming Tax Deduction on Artworks
If you work from home as an employee, you may claim a deduction for your artwork up to the value of $300 as part of your home office expenditure. Any value greater than $300 must be claimed using the usual decline in value rules. Discover Bluethumb’s range of artwork for under $300 and add a touch of creativity to your home office.
However, if you are a small to medium-sized business owner (turning over less than $10 million annually), the amount you can claim is much greater. Artwork purchases costing up to $20,000 are eligible for the instant asset write-off. There is no limit to how many pieces of art you can make this claim for.
Read more at ATO.gov.au and chat with your accountant about this potential tax rebate opportunity.
This abstract by Dinah Wakefield is the perfect piece for a shared space
Is My Business Eligible for the Tax Deduction?
Small to medium-sized businesses with an aggregated turnover of less than $10 million qualify for the Instant Asset Write-off scheme. The ATO states that the artwork:
- Should be a tangible item
- Purchased principally for a small to medium-sized business premise
- Capable of being moved
- Should not be considered trading stock
Unfortunately, NFTs (non-fungible tokens) are excluded.
This photograph by Tim Allen was part of a recent trade project. Read more about it here.
Sounds good! So now what?
Artworks must be purchased, installed, and ready for use before 30th June 2024. So, don’t delay! Start your search for the perfect office art today.
Browse our curation of Art for the Office, or contact our friendly team of advisors for free art advice and customised curations to satisfy your office’s taste and budget.
It’s time to say goodbye to bare, uninspiring office walls! Bluethumb takes care of framing and delivery – talk about stress-free!
Disclaimer: The information on this website is for general purposes only and not a substitute for professional financial advice. Bluethumb recommends seeking financial advice to confirm eligibility.
Where can one buy works by Michelle Purves?
Does anyone know?
Love those emotional dream enhancing cloudscapes.
Thank you
Hi folks,
I run the Harbour Arts Guide in Coffs Harbour NSW which promotes the local arts scene in this region. I would love to run as a story the article you have about office art as a tax deduction. Would this be possible? I would fully credit Bluethumb as the author.
Thanks and I look forward to your response
Kind regards
Ben Eckersley
I wanted to buy one of you artwork for my home office as an employee but I’m not sure if I will be able to claim it. Can you confirm with me whether this will be classified as a home office deduction and where I can read up on it on the ATO. Thank you!