100% Tax Deductible Art
Under the small business tax allowance, purchasing art for your business is 100% tax deductible. There’s no better time to re-energise the workplace! View our curation of Art for the Office and purchase art before the end of the financial year to take advantage of this limited-time offer.
What’s special about this year’s write-off?
A small business can deduct 100% of the business use portion of eligible assets, which can include artwork for your business, under the Temporary Full Expensing rules. Unlike the old instant asset write-off, which is capped at $150,000 per asset, there is no limit on the cost of assets that can be deducted under these rules.
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 annual turnover of less than $500 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
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 before 30th June 2023. Get started by browsing a curation of Art for the Office, or contact our friendly team of art advisors for free professional advice and customised curations to satisfy your office’s taste and budget.
It’s time to say goodbye to bare walls and hello to an artful workplace! We can take care of framing, transportation and hanging –talk about stress-free! Please seek advice from a financial adviser 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