Tax Deduction for Purchasing our Artworks

Thanks to prevailing tax regulations, the acquisition of art for your business environment can yield a comprehensive tax deduction, which can be expeditiously claimed before the closure of the financial year.

The great news is that small businesses and home offices can enjoy tax deductions after purchasing our artworks. Now is the perfect time to enhance your workspace with the beauty of our Australian art.

Small to medium-sized businesses with an annual turnover below $500 million are eligible for the Instant Asset Write-off scheme. According to the Australian Taxation Office, artwork qualifies for a tax deduction if it meets the following criteria:

It must be tangible, embodying physical form.

The principal intent behind its acquisition must be for adorning the premises of a small to medium-sized business.

It should possess mobility and not be classified as part of the business's trading stock inventory.

The ATO categorises artworks as investments and depreciable assets when procured by or on behalf of businesses. Consequently, the purchase of our art pieces for your workspace under the Instant Asset Write-off scheme translates into a fully deductible expense. Thus, it behooves you to seize this window of opportunity prior to the arrival of June 30 to acquire your preferred artistic treasures.

Don't forget to seek counsel from your accountant to receive bespoke guidance tailored to your specific financial circumstances.