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100% Instant Deduction on Art Purchases Up to $150,000 for This Financial Year

Updated: May 31

Businesses now have a unique opportunity to enhance their workspaces with art while benefiting from a 100% tax deduction. Under current legislation, businesses can claim a 100% tax deduction on art purchases up to $150,000 per item. There is no limit to the number of items that can be purchased, allowing businesses to maximize this benefit for each individual artwork.

Benefits of Investing in Art for Your Business

Incorporating art into a business environment can significantly improve the aesthetics and atmosphere of the workspace. This deduction applies to each individual purchase, meaning multiple pieces of art can be acquired, each eligible for the 100% tax deduction. Art Index offers a wide range of Australian contemporary and Indigenous art, including original paintings and limited edition prints.

Details of the Tax Deduction

According to an independent, registered taxation consultant, here are the specifics:

  • Eligibility: The deduction applies to artworks used or displayed in business premises acquired between 12 May 2015 and 30 June 2024.

  • Applicability: The announcement is applicable to individuals carrying on business with their own ABN, including professionals like lawyers, doctors, accountants, engineers, architects, and storekeepers.

  • Purchase Flexibility: There is no limit on the number of artworks that can be purchased and depreciated at 100%. Each piece, however, must cost less than $150,000 to qualify individually.

For example, if three artworks at $60,000 each are purchased, totaling $180,000, each artwork qualifies for the deduction because they individually cost less than $150,000.

Art for Every Business

Whether new or old, artworks purchased within the specified period qualify for the 100% depreciation incentive. Investing in art serves not only as a tax benefit but also enhances corporate image and inspires employees, making it a valuable addition to any business setting.

Contact Information

For more information or to explore art options, register your interest here, call 1300 55 74 73, or email Located at 1 Munn Street, Millers Point, Art Index is committed to providing high-quality art pieces that can transform business environments.

Disclaimer: This information is general in nature and not financial advice. Please consult a financial advisor to understand how this deduction applies to your specific circumstances.


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