Buy Art as a Tax Deduction - EOFY!

If you are working from an office, including a home office, it is possible to claim your next art purchase as a tax deduction.
 
According to the Australian Tax Office artwork is both an investment and a depreciating asset.  This makes purchasing art for your workspace under the Instant Asset Write-off scheme 100% tax deductible!
 
There is no limit to the number of artworks costing less than $30 000 each, that an eligible business may claim a tax deduction for.
 
The artwork must be:
  • Tangible
  • Capable of being moved
  • Purchased with the dominant purpose of display in a business premise; and
  • Not be trading stock.
 
You can claim up to $30 000 for each art work purchased by a small or medium sized business for your work space. Consult your accountant to find out more about claiming art purchases on your next tax return.
 
Contact us to assist you with a suitable art purchase for your work space!
 
Words - Michael Fox, Arts Accountant and Valuer.
Pictured - The work of Greg Wood, housed within Alexander&CO.’s Alexander House, photographed by Smart Anson. 
June 21, 2021