small business tax deduction for art

Until the end of this financial year, artworks purchased by Australian small businesses are eligible to receive a tax refund.

The following announcement was made by the Federal Treasurer on Budget night, 12 May 2015:

All small businesses may be entitled to receive an immediate tax deduction for any individual asset they buy costing less than $20,000. These arrangements are set to continue until the end of June 2017.

It is currently understood that this includes purchases of all art (paintings, sculpture, photography, video art, drawings, etc) for use by businesses with an ABN and with annual turnover of less than $2million.

Please seek advice from your accountant with regards to this incentive, as your office makeover could incorporate a new painting or sculpture fully tax deductable!

Macquarie Group, 1 Martin Place, Sydney featuring the paintings of Elsie Gabori


2012
Image courtesy B. Knight