Love Art?  Have an ABN?

This financial year = 100% tax deduction on artworks!

Read on art lovers :)

This 100% tax deduction on artworks is available to spend on artwork up to $150,000 (per item) on art purchases for your business.

The $150,000 limit applies to each individual purchase.

You may purchase as many items as you like, and claim the deduction on each one.

The 100% depreciation for artworks applies to a person carrying on a business with their own ABN, for example lawyers and doctors, tradies, shopkeepers and basically everyone who doesn’t work for the government.

Grab one of these beauties now!

"Banksia Vista II" by Mark Waller

"Dune Study VIIII" by Mark Waller

There is no limit on the number of artworks that may be purchased and depreciated at 100%. Several works of different artists, and several works of the same artist might be purchased. Incredibly, this announcement applies to both old and new artworks.

They must have been purchased between 12th May 2015 and 30th June 2024 to qualify for the 100% depreciation concession.

This tax allowance for small business means there has never been a better time to buy art for your office or business premises!

However, prior to your rush inside to add to your artwork collection, make sure you check with your tax agent :)

"Sunlight" by Mark Waller

"Dirawong Vista" by Mark Waller