Art is 100% Tax Deduction For Small Business
Did you know that art is 100% tax deductible for small business and home offices? Now is the time to reenergise your work space with the beauty of Australian art.
Under the current small business tax allowance buying art to be displayed in your business can be a 100% tax deduction, immediately claimed at the end of this financial year.
How do I know if my business is 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 Australian Taxation Office has stated that an artwork is eligible for tax deduction if it is tangible, purchased principally for a small to medium-sized business premise, capable of being moved, and not trading stock.
The ATO considers artworks as an investment and depreciating assets when bought by and for businesses. This makes purchasing art for your workspace under the Instant Asset Write-off scheme 100% tax deductible — so now before June 30 is the time to purchase your favourites.
Of course always check with your accountant for your particular circumstances.
Art makes a happier workspace!