It’s more than possible to claim art as a business expense, as long as you stay inside the tax rules.
It seems too good to be true, but if you’re buying art for your office you can claim a tax deduction for it. Recent amendments to tax rules that allow an immediate write-off for items that cost less than $20,000 make art an increasingly attractive purchase for a business. Under the recent budget announcement, small businesses can claim an immediate deduction for artwork, so long as it is not stock, such as stock for an art gallery, that costs less than $20,000.
If you’ve had your eye on a fabulous piece of art for your office, now’s the time to consider making your purchase.
Interested? Then please contact one of our experienced Art Consultants, who would be happy to assist you further.
(Source The Sydney Morning Herald, My Small Business, Alexandra Cain) http://www.smh.com.au/small-business/tax-time/taxdeductible-artwork-for-your-business-20150523-gh83pl.html