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 AUD 150,000 ALLOWED per artwork

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 australia

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Small to medium-sized businesses with an annual turnover of less than $500 million qualify for the Instant Asset Write-off scheme. The Australian Taxation Office has stated that an artwork is eligible for tax deduction if it is:

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  • Tangible

  • Purchased principally for a small to medium-sized business premise

  • Capable of being moved

  • Not be trading stock.

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The ATO considers artworks as an investment and depreciating asset when bought by and for businesses. This makes purchasing art for your workspace under the Instant Asset Write-off scheme 100% tax deductible. Following the Budget Stimulus Package announced by the Prime Minister, there’s no limit to the number of artworks costing less than

AUD 150,000 to claim a tax deduction at the end of the financial year.

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Deadline Changes

It is the customer / buyer responsibility to check for any changes to the Instant Asset Write-Off Scheme availability, timing and financial deductibility. 

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International

Outside of Australia check your local tax deductible options.

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