A new painting might not immediately spring to mind as a business asset but following confirmation by Minister for Social Services Scott Morrison on 2GB radio this week, it appears artworks will qualify along with cars, computers and other business assets, for the federal government tax break encouraging businesses to invest.
According to the Sydney Morning Herald & The Australian, a 100% tax deduction is immediately available for small business owners with turnover of less than $2 million to spend up to $20,000 (per item) on purchases for your business. Furthermore deductions are not capped on the number of potential asset purchases.
Small Business Owners, what a fantastic opportunity to decorate your office, reception area or boardroom with wonderful artworks! One of our experienced art consultants would love to help you take advantage of the good news announced in last week’s 2015 budget.
Contact us on 1300 55 74 73.
As usual we recommend you seek independent advice as to your personal circumstance, but what a great way to improve your business’ first impressions.