Purchasing fine art has many values for businesses, from enriching your workplace environment to building an asset portfolio. Did you know that under the small business tax allowance, purchasing art for your business is 100% tax deductible?
With end of financial year around the corner, it's an amazing time to reinvigorate the workplace.
A small business can deduct 100% of the business use portion of eligible assets, which can include artwork for your business up to $20,000. Chat to your accountant to see how your business can benefit from these tax rebate opportunities.
Small to medium-sized businesses with an annual turnover of less than $500 million qualify for the Instant Asset Write-off scheme. The ATO states that the artwork should be tangible, purchased principally for small to medium sized business premises, capable of being moved and not considered as trading stock.
With an eclectic and diverse array of artworks to choose from, our gallery team is ready to assist you in finding the perfect piece for your workplace.