The small business instant write off has just increased to $30,000! Art purchases for up to the value of $30,000 may be 100% tax deductible for small business taxpayers and there is no limit to how many artworks a small business entity can claim. Great news for an art lover like yourself!
Artwork purchases need to be installed in your workplace before the end of June 30th 2019.
To top off this fantastic incentive, we currently have 20% off all original art until the end of the financial year. Now is the time to purchase art from QArt and support disability, and, in turn, you will be rewarded by the Australian government. It's a win-win!
"Business owners are beginning to understand that displaying artwork in the workplace does more than make the office aesthetically pleasing; it can actually increase employee efficiency, productivity, and creativity." - Forbes.com
When is the best time to buy art as a tax deduction?
Generally speaking, provided that the work of art is purchased and installed in business premises prior to the 30th June 2019, small business entities may be eligible for the outright deduction for works of art to a value of $30,000.00. Please see the taxation ruling below.
How can I find out if this applies to our business?
We strongly recommend consulting with your tax professional regarding whether your business may be eligible for the deduction described herein.
Disclaimer: This post is not intended to offer any financial or taxation advice to readers. We recommend you consult with your financial and/or taxation advisor prior to making any decision.