Thanks to changes to the rules around tax deductions, the ATO allows small businesses to claim an immediate 100% tax deduction at the end of each financial year on any artworks purchased for display within your business. You may decide to hang the works anywhere where they will improve your working environment.
This deduction falls under the ATO’s simplified depreciation rules, allowing small businesses to claim a 100% deduction rather than adhering to a regular depreciation schedule. At this stage these special rules are due to end on 30th June 2018, so this means you only have a few weeks left to make your qualifying purchase of some contemporary art. You can purchase and claim as many artworks as you wish, just as long as each individual artwork has been hung within your business before 30th June 2018 and each piece does not exceed $20,000.
Be sure to seek your own financial and tax advice to ensure your small business is able to claim this immediate 100% tax deduction.
Margo Humphries 🎨 visual artist 🖼️ Lake Macquarie NSW Australia 